– an interesting twist on familiar tools when viewed through the eyes of a product manager – By Sridhar Karnam …
Tools that product management use that might be interesting for project managers to use. In continuation to our last week’s discussion about lessons that project management can learn from product management, let us examine some of the tools that product management uses that could assist in project management.
In the last 5 years or so, we have realized that comparing these two roles is like comparing Apples and Oranges. Not many companies now overlap these roles. These roles over the time have evolved from being janitors of products and projects to management of them. Product management has learned a lot from project management. Let us examine what project management can learn from product management?
As you start to utilize the idea of game theory, you may wonder about the reality of the environment we live in, the non-sequential and chaotic-at-times nature of projects. How do you ‘play the games’ when nothing is constant? How do you organize your thoughts and approaches when nothing but change is certain. The good news is that the field of game theory is an ever evolving area of research. In 2007 the Nobel Prize for Economics went to a team of researchers interested in what they termed “The design of economic institutions”
So, how can project and program professionals take advantage of the game theory principles in our work? I propose that every engagement with or stakeholders is an opportunity to utilize these principles.
Now, before we explore the way we might use game theory as a framework, let’s remind ourselves that there are different types of games, and that ideally you want to engage in this work to find win/win opportunities and play cooperative games. Remember “use your powers for good”. Although once in awhile the situation might merit an occasional non-cooperative game.
Game theory is a mathematical method for analyzing calculated circumstances, such as in games, where a person’s success is based upon the choices of others. More formally, it is “the study of mathematical models of conflict and cooperation between intelligent rational decision-makers.” An alternative term suggested “as a more descriptive name for the discipline” is interactive decision theory.
Equipped with a list of opportunities to leverage at each of the conferences, in addition to the information shared in the sessions and the networking opportunities with peers and experts, I was ready to uncover the hidden values of these conferences. Below I’ll share a couple of examples that you might consider adding to your list next time you attend a conference.
If all you are planning on doing at the next conference you attend is to learn something from the sessions and the exhibits, my advice would be to save your money, focus on your work, and ‘get the dvd’. As we all know, attending conferences isn’t just about the sessions, the keynote speakers, or the product demos. The values you attain from attending conferences are all in the periphery, they are about the ‘X Factors’, those that help you , your team and your company get ahead professionally.
“Project.net is a complete Project Portfolio Management (PPM) solution designed to capture, display, report on, and resolve the complex interrelationships …