Mastering Trade-Offs for Effective Product Management

Product Management Tech Brief By HackerNoon

This story was originally published on HackerNoon at: https://hackernoon.com/mastering-trade-offs-for-more-effective-product-management-2u1f33vg.
Naturally, the responsibility of choosing the right solution by assessing every aspect of the problem and its possible solutions falls on the shoulders of product managers. As a matter of fact, most common challenges faced by product managers are hefted with the weight of trade-offs. You can learn how to deal with these tradeoffs just by keeping a few things in mind and having a structured decision-making process.
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Product Managers usually need to evaluate tradeoffs covering 3 “spheres” - the Technical sphere, the Business sphere and the Design sphere. Decisions that favour one aspect often end up compromising the other. There are three ways to deal with tradeoffs in product management: Voting, Impact Versus Matrices and Impact Versus Matrix. Product managers can streamline their decision-making process and focus on the solutions that represent more value with less effort and less time required. The perfect solution lies in the nuances of the divergence of many ideas.