In this episode of the How to Succeed in Product Management Podcast, marketing professor Jeff Shulman and The Product Management Center advisory board members Red Russak and Soumeya Benghanem welcome Dontae Delgado (Compass) and Siddhartha Rabindran (Microsoft) to discuss managing assumptions and start ranking them from the top most important to the least important, and build a framework around it to help develop the product. Assumptions, when correctly utilized and tested in the right environment exponentially helps product leaders find success.
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01:42 The importance of managing assumptions and risk management03:46 It’s easy to become comfortable with the flows of the product05:11 Clarity plays an important role in managing assumptions08:44 The different classifications of assumptions10:45 Approach is the most important part of addressing assumptions13:55 Assumption prompts to make assumptions explicit15:52 The build versus buy evaluation19:53 After generating assumptions, start ranking them23:36 Critical path is about the solution and the framing24:25 Proper documentation is key to effective communication27:17 Situations that could happen when assumptions aren’t made29:45 Reference books and resources for assumption management37:04 How do you go about validating assumptions?40:31 The product team considers four important things: product, market, channels, and business model43:42 Producer and consumer framework in critical in managing expectations47:31 Building a culture of domain empathy50:28 Assumptions are an integral part of everything we do54:13 Assumptions are linchpin to product success55:29 Some assumptions, when utilized correctly or incorrectly, either hurt or help the products