Value Focused Prioritization & Decision-Making
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Does prioritizing your development portfolio seem unclear or mired in politics? Ever feel like the decisions for what gets worked on when are somewhere between arbitrary and emotional? Ever get tired of providing cost estimates for work of uncertain value? If you answered yes to any of the above questions, this session is for you! Matt Barcomb will open with introductory concepts about shifting from a cost focus to a value focus for development work. Next, providing business value for user stories will be debunked. Then, a collaborative framework for prioritization, Benefit Mapping, will be discussed. Finally, Matt will end with ways to simplify the cost evaluation of work and risk.
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Value Focused Prioritization & Decision-Making
- 1. Matt Barcomb @MattBarcomb #AAB16 matt.barcomb@LeanDog.com Value-focused prioritization & decision making
- 2. @LeanDog @MattBarcomb #AAB16 What we’ll cover today A better model for R&D Business value & stories Benefit Mapping & Costing
- 3. @LeanDog @MattBarcomb #AAB16 “‘Essentially, all models are wrong, but some are useful.’ George Box.” - Amber Rose
- 4. @LeanDog @MattBarcomb #AAB16 Planning for mass construction How much will it cost? When will it be done?
- 5. @LeanDog @MattBarcomb #AAB16 Planning for research & development Should we start? Should we keep going?
- 6. @LeanDog @MattBarcomb #AAB16 Spectrum of knowable stuff Routine manufacturing Complex manufacturing Physical product dev. Scientific research Mass construction Software product dev. Enterprise ERP impl. Knowable upfront details Knowable responses to risks Knowable links between cause & effect
- 7. @LeanDog @MattBarcomb #AAB16 Shift the focus Primarily focus on understanding value Evaluate risk and opportunity costs Learn just enough about costs to choose to start
- 8. @LeanDog @MattBarcomb #AAB16 Cost of Delay How much are you loosing because it’s not already done? Can over-focused on money Can lead to mythical dollars
- 9. Product: Galaxy Revenue Customer Satisfaction Product Adoption Product Awareness Competitiveness Dec. Mktg Costs Sales Reach Brand Awareness1 Expires in March 2 3 4 Benefit Mapping
- 10. Struggling with “benefit”? Make “Highlander” comparisons Capture the measurable reasons Make as quantifiable as possible
- 11. Sales Reach 30% Increase Revenue 10% Decrease Mktg. Costs 15% Product Adoption 45% 1= <1% 5= >15% 1= <$5k 5= >$50k 1= no change 5= very easy 1= <10% of reg. 5= >40% of reg. Options Scores New catalog Grades Portal 4 3 2 4 1 2 3 1 285 295 Product: Galaxy Revenue Customer Satisfaction Product Adoption Product Awareness Competitiveness Dec. Mktg Costs Sales Reach Brand Awareness Weighted Scoring Rubric
- 12. Activity: Create a B-Map You are starting a medical technology company. Medical Technology
- 13. Activity: Create a B-Map Mind-map desired benefits (value) Medical Technology
- 14. Activity: Create a B-Map Rank the top 3 Medical Technology
- 15. Activity: Create a B-Map Assign weights Medical Technology ? % ? % ? %
- 16. Activity: Create a B-Map Come up with 2 research options
- 17. Activity: Create a B-Map Score 2 options (use a 1-5 scale) Medical Technology ? % ? % ? % Option 1 Option 2
- 18. Activity: Create a B-Map What did you discuss? How did you decide? Coherence vs. Artifacts
- 19. Cost “Learn just enough about costs to choose to start.” Rough cost snap Use past data Informed conversation
- 20. @LeanDog @MattBarcomb #AAB16 Business Value and User Stories Stories should be small Biz value is at “MVP” level Priority shifts to risk/learning
- 21. @MattBarcomb #AAB16 matt.barcomb@LeanDog.com If you’d like the slides… …or to discuss something Please come let me know! or email matt.barcomb@leandog.com Questions?