A look back at the best from a year ago.
Product Management / Requirements
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From Market Requirement To Product Requirements
We looked previously at an example of market analysis, defining first a market opportunity, and then a market requirement. We wrote an article a while ago about how to go from an MRD to a PRD. In this article, we will look at the journey from our market requirement to associated product requirements. And thanks, Roger, for throwing down the gauntlet.
Requirements / Requirements gathering
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Nice To Have
Gathering requirements isn’t like asking kids what they want for their birthday. We aren’t giving our customers carte blanche, we are trying to identify the valuable requirements – things that solve problems and achieve value in a significant way. Needs and Wants Our customers usually know what they want. There’s […]
Product Management / Requirements / Requirements Models / ROI / Use Cases
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Verify Correct Requirements with Use Cases
The next piece in the puzzle of how and why we apply use cases to product management. Verification of requirement correctness.
Definitions / Project Management / ROI
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Definition of sunk cost
Sunk cost is an expression representing the unrecoverable amount of money that has already been placed into an ongoing investment or project. It is one of the simplest, yet most commonly misused financial measurements of a project. We’ll learn how to avoid the most common mistake in project (financial) management, and how to survive when our boss makes the mistake.
Requirements / ROI / Software requirements specification / Testing
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MRD to PRD Requirements Conversion
A real world example of converting from an MRD to a PRD. This is the process of translating from a market-requirements view of the product to a product-requirements view of the product.
Prioritization / Project Management / Requirements / ROI / Software requirements specification
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Using ROI For Requirements Is A Risky Business
We’ve talked repeatedly about using ROI to drive prioritization of requirements based upon value. ROI can be used as the basis for prioritization for all decision making.
If we fail to take risk into account, our calculations will certainly be wrong, and we may make a poor decision. When we talk about accounting for risk in this context, we mean that we are accounting for the unlikely, undesired, or unintentional outcomes. We use the term expected value to refer to the risk adjusted approximation of the outcome. In financial circles, this is also called discounting.
The most common mistake people make when calculating ROI is failing to take into account the expected value of the return or the expected value of the cost of a project.
Process Improvement / Software development
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Why Incremental Delivery Is Good
Incremental delivery is a key component of most software projects today – it allows us to deliver the most valuable elements of a system first, which allows our customers to start getting benefit from the system earlier. As additional features are developed, and additional use cases are enabled, they are delivered to the customers, who get incremental value from those features. This can have a significant impact on ROI projections for a project – and can be the difference between getting the deal and losing it.
Definitions / ROI
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Definition of ROI – Return on Investment
We talk about ROI all the time – what is it, in layman’s terms? ROI is the acronym for return on investment. Another way to think of it is “How much profit will we make if we invest in this project?” Profit is revenue minus costs. Technically, the question should […]