{"id":422,"date":"2023-07-29T18:52:43","date_gmt":"2023-07-29T22:52:43","guid":{"rendered":"https:\/\/www.bijanmarjan.com\/wordpress-main\/?p=422"},"modified":"2023-07-29T18:52:44","modified_gmt":"2023-07-29T22:52:44","slug":"mental-models-for-product-managers","status":"publish","type":"post","link":"https:\/\/www.bijanmarjan.com\/wordpress-main\/mental-models-for-product-managers\/","title":{"rendered":"Mental Models for Product Managers"},"content":{"rendered":"\n<p>A summary of an <a href=\"https:\/\/blackboxofpm.com\/product-management-mental-models-for-everyone-31e7828cb50b\">article<\/a> by Brandon Chu which provides key insights on where Product Managers should be focused on and what are the benefits of each (examples added for illustration):<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Expected value - Estimate potential value by multiplying probability * payoff (e.g. 60% chance of $100k increase means $60k expected value)<\/li>\n\n\n\n<li>Jobs to be done - Understand the core functional and emotional jobs customers need to get done (e.g. making holes not buying drills)<\/li>\n\n\n\n<li>Cost-benefit analysis - Compare costs and benefits of different product options (e.g. cost of building feature A vs additional revenue expected)<\/li>\n\n\n\n<li>Systems thinking - Consider how parts interact within a whole system (e.g. how pricing impacts demand and company revenue)<\/li>\n\n\n\n<li>Cognitive biases - Recognize biases like overconfidence that could influence decisions (e.g. assuming a feature will be more successful than it likely will be)<\/li>\n\n\n\n<li>Probabilistic thinking - Use probability to estimate likelihood of different outcomes (e.g. 30% shot this launch date will be met)<\/li>\n\n\n\n<li>Game theory - Model strategic interactions between competitors (e.g. if we cut price, how will competitor respond?)<\/li>\n\n\n\n<li>Analogical reasoning - Leverage patterns from different contexts to inform decisions (e.g. freemium model successful in app world, will it work for our product?)<\/li>\n<\/ul>\n\n\n\n<p>In summary, the article advocates that product managers adopt these various mental models to simplify complexity, identify core issues, and ultimately make smarter product decisions that create value for customers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A summary of an article by Brandon Chu which provides key insights on where Product Managers should be focused on and what are the benefits of each (examples added for illustration): In summary, the article advocates that product managers adopt these various mental models to simplify complexity, identify core issues, and ultimately make smarter product ... <a title=\"Mental Models for Product Managers\" class=\"read-more\" href=\"https:\/\/www.bijanmarjan.com\/wordpress-main\/mental-models-for-product-managers\/\" aria-label=\"Read more about Mental Models for Product Managers\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-422","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mental Models for Product Managers - Bijan Marjan<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bijanmarjan.com\/wordpress-main\/mental-models-for-product-managers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mental Models for Product Managers\" \/>\n<meta property=\"og:description\" content=\"A summary of an article by Brandon Chu which provides key insights on where Product Managers should be focused on and what are the benefits of each (examples added for illustration): In summary, the article advocates that product managers adopt these various mental models to simplify complexity, identify core issues, and ultimately make smarter product ... 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