Business Value Assessment and Peer Review for Product Managers:
Our H2 road map is in full swing and we have been working on prioritizing our next key features.
I was assessing a requirement and looped in all my assumptions into my model.
Which goes something like this:
Introduction of our feature would reduce/save the turnaround time by 24 hours
Total cost saving per hours = X
Number of such scenarios anticipated for annum = 2.5K
Our feature had 5 plus different modules that could be used by users= 5*total BV
Total business value = 5*2.5K*X*24
A simple math equation and boom we have the dollar value of this execution.
The catch and the miss:
When we revisited our feature implementation and model of analysis, we deduced that the impact of different modules used by our users irrespective of how many used — it remained 24 hours for cycle time reduction.
And not 24/5 or 24/(number of modules in place)
This simple miss reduced our anticipated business value by 5 times.
Looking at our assumptions from the same lens does not change our narrative and we would always be convinced that the feature indeed makes a great impact.
Imagine if I would have run this through one of my peers and he/she would have questioned my assumptions. I would have arrived at my distinguished right point.
Always make it a point to get your assumptions reviewed for better and accurate results.
All set for H2!
#BusinessValue #Assessments #Priortity #Features #ProductManagement #KPKR
