Decision Making in Product Management

Is there one thing that all Product Management processes should have in common? 📝

The product management profession is filled with constant trade-offs and choices that need to be made in order to bring a product to market. From determining the target audience and defining the product vision to prioritizing features and managing the development process, every step of the way requires a decisive action.

Making a decision is not always easy and it may involve a lot of research, analysis and discussion with different stakeholders. We must always remember that discovery, research, and analysis are merely tools to help us make better decisions.

Leaders and product managers often avoid taking action and making decisions — They wait for a more complete picture and the perfect analytics dashboard. In this case, it is important to remember that not making a decision is also a decision in itself. It can lead to delays, missed opportunities and ultimately can harm the product.

The ability to make a decision is one of the most important skills in our decision-making arsenal, and in our product management arsenal as a whole.

How can we improve our decision-making skills?

1️⃣ Know yourself: If you consistently avoid making decisions and taking action, it’s important to acknowledge this tendency. Recognize that decision making may not come naturally to you and that it can feel risky. To overcome this, actively use decision-making frameworks and tips to guide your decision-making process.

2️⃣ Practice self-awareness: Surprise! We all have emotions, biases, and assumptions that might affect our decisions. Practicing self-awareness can help you identify your biases and neutralise them when it comes to making decisions.

3️⃣ Be willing to take calculated risks: There are no perfect decisions, there are more or less risky ones. Product management often requires making decisions that involve some level of risk. Be willing to take calculated risks, but make sure to assess and communicate the potential impact and have a plan in place to mitigate any negative effects.

4️⃣ Nothing is forever: Be open to change and be willing to pivot when necessary. Sometimes decisions will not work out as planned, but being able to quickly adapt and adjust can lead to new opportunities.

5️⃣ Get fresh eyes: Gather input and feedback from different stakeholders such as customers, team members, and other industry experts. This will help to make informed decisions and ensure that different perspectives are considered.

In conclusion, decision-making is a crucial part of the product management workflow and requires a combination of knowledge, skills and experience. It’s important to remember that the ability to make quick and effective decisions can mean the difference between success and failure in product management.