Uncertainty vs. Investment
Explore how to navigate investment decisions by minimizing uncertainty throughout the product life cycle. Understand when and how to invest resources effectively during discovery, validation, and growth phases to develop successful products.
We'll cover the following...
Uncertainty
First of all, it must be understood that what you are doing when developing a new product (or functionality) is gradually reducing the level of uncertainty of a business model. The greater the uncertainty, the lesser information, and investment. You will need to reduce that uncertainty by a lot. But as you go further in understanding your customers, your market, and your capabilities, you will have to invest more to reduce the level of uncertainty by much less.
As product managers, you have to continually ask yourselves that one question: What is the minimum experiment that we have to do next to minimize uncertainty the most? The necessary budget and the amount of work needed will not be the same if you are in the stage of discovery, validation, or growth.