Product managers should not do #projectmanagement. I have a brief screed about that here: https://lnkd.in/gstJ8nK7 — but in short PjM is best left to PjMs so that PdMs can fulfill the strategic discovery and value creation role we're supposedly all about. That said, some project management is unavoidable, so let's talk about a very useful tool: the RACI matrix. [I've got a template I'm happy for you to steal—link at the bottom! Or read this on my website: https://lnkd.in/gstJ8nK7] It's one of those things that sounds annoyingly stuffy and corporate—until the first time you use it on something big that involves multiple departments. Its two main values are to make sure nothing important gets missed, and to keep executives in their lane. Like many simple tricks, RACI seems obvious at first, but in practice it's magical. Let's imagine you're planning a compex launch. The rows in your matrix are the major things that need to get done (making a RACI matrix, finalizing a data retention policy, pricing analysis, preparing marketing assets, pushing the right buttons in Hubspot, and so on). The columns put you and your stakeholders into four categories: • Doers who are Responsible • Overseers who are Accountable • Experts who are Consulted • Observers who are Informed (Note that any Responsible person is also implicitly in the A column.) The first step in building a matrix is to brainstorm all the activities needed to have a successful launch. (Generally, you won't put individual engineering activities into the matrix, but if there's something like an infosec review gate, that should go on.) This is an iterative process that all departments will eventually have input into. The next step is to put the right people in the right columns. This is also iterative, and in fact so is the third step, which is to get sign-off on the matrix itself. (It doesn't help to have personnel assigned if they or their department don't agree.) Once the project is underway, refer to the matrix continually to make sure the right players are playing the right game at the right time. I can't emphasize enough how freeing it is for folks in the R and A columns to have clarity on who is only Consulted or Informed. In an organization that values autonomy and trust, executives need to leave the doing to the doers. Of *course* oversight is needed and expertise is welcome, but product managers in charge of something like a launch should be given the freedom to operate. Having too many cooks in the kitchen is a serious risk to project success. Staying in one's lane isn't freeing only for the Rs and As, but also for the Cs and Is themselves. Here's my template: https://lnkd.in/g-sh5S9r Let me know how it goes! #productmanagement #process #success #launches
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It’s 15 because the invisible zeroth word is “NULL”.
Bing ChatGPT too proud to admit mistake, doubles down and then rage quits. ↓ ↓ Check out AlphaSignal.ai to get a weekly summary of the top research and breakthroughs in AI. Read by 100,000+ engineers and researchers.
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Glen Ford reposted this
I've seen some crazy posts in recent weeks about what Product professionals could and should be making. And it worries me that we might be setting the wrong expectations for folks which ultimately impacts careers and businesses when hiring. In the interest of pay transparency and salary guidance for Product Management professionals and companies hiring for PM across the US, I've provided an overview of the average pay ranges that we've been tracking at Producto. The numbers below are salary ranges based on the figures provided to us by over 2,000 PMs - CPOs that work for start-ups through to big tech across the USA. There are of course outliers that earn less or well beyond this, but for the purpose of showcasing what the majority make (90% of the 2000 people we have spoken with), I have discounted these from the below: Product Manager $110k - $140k Senior Product Manager $140k - $180k Lead Product Manager $150k - $190k Principal Product Manager $180k - $220k Group Product Manager $190k - $220k Director Product $200k - $300k VP/SVP Product $210k - $350k CPO $225k - $500k (This does not include bonuses or equity which can significantly alter the overall package) Bay Area, NY Product pros generally make 10%+ upwards on these figures. Interestingly most companies that I speak with don't track salary data for PM roles and that's why you see Director of PM roles paying $150k which is well below the market rate. The more we can do to raise awareness of pay and overall compensation for the PM function the better! It directly impacts companies' abilities to retain their product talent and the product pro is happily compensated for their work. #productmanagement #hiring #recruitment
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Good for the non-C-suite folks too, I’m sure!
For all the #CEOs, #CTOs, #CMOs, #CDOs, #CPOs and any other #Cs I left out, when it comes to realizing the true potential of all the #data you are either creating, curating or consuming, do you sometimes feel like Cicero from #Gladiator because you haven't either the Time, Tools or Talent to manage your changing data wants and needs effectively? If this sounds like you, join me and Dave Moore for the answers to your problems...so you can go home at night and enjoy your loved ones. https://lnkd.in/d6hvGjJn
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When you substitute A/B experimenting for actually knowing your customers and users. https://lnkd.in/gtQs92Nd To clarify, I get that this pricing change is not an A/B test. (I was being metaphorical.) But do they *know* their users? I want to believe that some quant at Reddit, Inc. has carefully modeled the reputation damage and its effect on user growth over the next several years, and balanced that against the revenue gain, finding this move favorable. (Still doesn't make it the *right* thing to do, but at least it would make a little first-approximation business sense.) Or maybe it has more to do with starving an ecosystem of 3rd-party apps so that Reddit can move into that space? (To what end? Presumably those apps expand Reddit's reach and engagement already, and killing those apps off will harm that now, and maybe forever.) As an enterprise B2B #productmanager (where the users tend to number in the hundreds or thousands, not millions), I genuinely don't know whether this move is a facet of #longtermthinking (generally good) or #hubris (always bad). (In any case, the #rollout and #messaging approach sucked.) #productmanagement #growth #modeling #analysis #rationale #empathy #nope
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Glen Ford reposted this
ChatGPT Cheat Sheet for Data Science- Generative AI is leading the way in all areas of work. Be it social media for marketers or coding for programmers. The concept of Generative AI is pretty simple: You provide a prompt in natural language, and the system will generate results for you. The results will vary based on the following: 1. What is the input provided by the user? 2. What is the semantics of the text & the keywords identified? 3. What is the outcome expected? Considering all the above factors, the results will vary at every instance the system will run. It works in such a manner because such Generative AI models are trained on billions & trillions of open-ended datasets, data sources, and more. One such Generative AI model is the OpenAI ChatGPT Model. It is a large language model (LLM) trained on billions of parameters. Such LLM models can help users perform multiple tasks and activities. KDnuggets has published this amazing ChatGPT Cheat Sheet for Data Science that can be leveraged for data science-related tasks. It covers prompts for the following: 🔹Idea Generation 🔹Coding 🔹SQL Queries 🔹Spreadsheets 🔹Data Analysis 🔹Machine Learning 🔹Research The results for the above areas will vary based on the prompt entered by the user. Also, there is a high possibility that the overall outcome might not be true, but it surely helps the user. One point to always keep in mind while working with such LLM models is not to rely completely on the results. Always do your research and accordingly use data points that are relevant to you. What are your thoughts on the same? #artificialintelligence #machinelearning #datascience #generativeai #chatgpt #openai #cheatsheet #technology #business #future
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Glen Ford reposted this
I have a couple Exec Coaching spots open on my client roster, so if you've been considering investing in yourself, let's connect! Reach out for a (free) chat to learn more about what working together would look like, and to see if we're a fit. You can DM me here or reply to this post and tag me! Some common topics I work with clients on include (but aren't limited to): 👉 Navigating career transitions 👉 Professional goal setting 👉 Navigating office politics & professional relationships 👉 Getting “unstuck” in your career 👉 Improving communication skills 👉 Identifying and working on blind spots 👉 Addressing self-confidence and imposter syndrome 👉 Improving work/life balance Personally, I've worked with an Executive Coach for years and it was (and continues to be) one of the best investments I've made in myself. If you're curious to learn what coaching can do for you, let's talk! #executivecoaching #career #coaching
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Need a #fractional #cpo? Give Danielle Maravelas, MSc a call! #fractionalproductmanagement is a great way for a company, especially an early-stage startup, to bring in expertise to straighten out strategy and execution—without the commitment of a full-time salary.
I finally did it. The 5 year plan became a ~2 year plan… I am taking the leap into full time product consulting and contracting! My website is up with my services and links for booking intro and consult calls: https://lnkd.in/gpzrwuRi Please share this with your network, connect me with recruiters or agencies and even better… send me some client referrals (I have a referral program)
Maravelas Digital Consulting
maravelasconsulting.com
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#productmanagers, can you use #ChatGPT for basic financial modeling? Yes, and here’s an example. Should you? Probably not—anyone can quickly do basic modeling easily in a spreadsheet. But, interestingly, taking the conversational journey with an #LLM can yield interesting insights, as I found out. I wanted to test ChatGPT to see how it might help us make an either/or decision between two potentially profitable options, in this case attacking low margins vs. growing the share of market. Here’s the initial prompt: > Pretend you are a product manager at a #saas startup. Contracts renew annually. You have 10 customers, each paying $100,000 per year. Your net #margin is 20%. #Churn is about 10%, meaning 1 customer is likely to not renew each cycle. As the person responsible for the product roadmap, you have a choice between features that will grow the number of customers 2 per year, increase margin 10% per year, or decrease #churn completely. Given a three year time horizon, and a goal of maximizing #revenue (vs. #profit), what will you do? The permutations and conversation went on for a while (it’s a real talker!) but the twists and turns are really interesting and instructive, so I encourage you to click through to the full blog post: https://lnkd.in/gfHNQwV7 tl;dr: * After your prompt is fully engineered (which may require lots of context-setting too), ChatGPT does a good job of building a financial model. * A spreadsheet is naturally a better tool for modeling, but imagine explaining your spreadsheet to people who aren’t familiar with the inputs, or the rationales behind the formulas. ChatGPT’s chatty responses and step-wise explanations could really help get people up to speed and shortcut skepticism. A companion spreadsheet then becomes a great tool for fussing with the variables in what-if scenarios. * As always, you have to be careful about looking for and LLM’s confident lies: https://lnkd.in/gw7HSyK2 * ChatGPT continues to delight me with #insights I wasn’t expecting, namely about sensitivity #analysis. * We’ve known that context matters to the LLM, but now we’ve demonstrated one way how. Variations of a prompt in a fresh thread will result in different and possibly less useful information. #financialmodeling #ai #ml #llm #productmanagement #saas #artificialintelligence #machinelearning #roadmapping #prioritization #saas
ChatGPT fixes your roadmap with financial modeling
austinproduct.pro
Collaborative, startup-bred product leader, driven by empathy ❤️ — 🤖 AI/ML for 6 years
1ySome credits: I have to thank my former colleague (and excellent product marketer) Harsha Kalapala for first introducing me to the RACI matrix—and restoring a bit of my sanity. Image credit goes to DALL-E who thinks this represents executives staying in their lane. (To its credit, the prompt did involve Frogger.)