Business
Product Prioritization Techniques: A Glimpse Into OKRs, Kano Model And Other Techniques For Product Management
Product Prioritization Techniques: A Glimpse Into OKRs, Kano Model And Other Techniques For Product Management, Effort-Impact Matrix
“So much to do, so little time.” This thought has undoubtedly crossed your mind at least once when sitting at your desk, trying to keep up with a deadline.
Product managers often struggle to articulate, evaluate, and prioritize opportunities during the development and reading about some hr metrics for performance management. This blog will highlight some tried and tested product prioritization techniques that have will help you beat the product backlog and reach your goals.
Table of Contents
1. Objectives and key results (OKR)
All budding entrepreneurs and product managers will be able to relate to Martin Luther King Jr. “I have a dream” speech because, in a way, they all have a dream, a goal they want to achieve while developing a product.
But the hard truth of life is that ideas rarely measure up to reality, and even if we have clear objectives, the results we achieve are often different. Objectives and key results (OKR) is a framework that is included in many product prioritization techniques that are meant to define and track product objectives and their outcomes.
2. Critical elements of OKR’s
OKR’s include a clear goal, along with a crucial result that has to be measurable. The main aim is to help product managers and developers plan to achieve their objectives using concrete and specific actions.
One significant benefit of using OKR’s in product management is that everyone in the team knows what they are expected to do. If everyone has a clear idea about their specific tasks, it will be more accessible to move towards the same goal.
The key results must be measurable; that is, the only way the objectives and actual results framework will be helpful. When using OKR’s, you can use a 0 – 100% score or 0 to 10 to measure the key findings.
Bottom Line: If you want to know if OKRs are useful, listen to Google’s Larry Page. The former CEO of Alphabet and co-founder of Google testified that OKRs have helped Google achieve 10x growth and keep the company on time and track.
3. The Kano Model
As the business, there is a phrase often repeated so much that it tends to get a little annoying; nevertheless, it is true; “the customer is always right.” The Kano Model builds upon this idea and sets up a five-step guide to help product managers develop a product or service centered on customer satisfaction.
Developed by Japanese professor Dr. Noriaki Kano, the Kano Model is a product development, and customer satisfaction theory that classifies customer preferences into five categories for more efficient product prioritization.
4. Critical Elements of the Kano Model
Basic Features: When you consider the basic features of your product, you need to make sure the parts match the customer’s needs. Even though the essential components may not necessarily make the customer pick you over a competitor, it is crucial because the customer may not choose your product if you don’t get it right.
Performance Features: The performance attributes, also known as ‘satisfiers,’ are not necessary for the product but, if added, increase the customer’s enjoyment. It is a general rule that when it comes to performance attributes, more is always better.
Excitement features: As the name suggests, the exciting features, or delighters, are meant to provide a disproportionate increase in customer satisfaction and generate excitement among users. Excitement attributes play a crucial role in your product’s competitive edge.
Bottom Line: The Kano Model is an innovative product prioritization technique that will put you in your customer’s shoes and allow you to relate to your customers’ needs. The key to successfully carrying out the Kano Model Analysis is to generate product ideas and features based on customers’ experiences and expectations.
5. Effort-Impact Matrix
It is curious to think that even though each day has precisely 24 hours, there are some days when you have all the time in the world, and you are more productive, and there are days when you work like crazy but have nothing to show for it.
For effective product prioritization, you need to manage your time more efficiently to avoid getting caught up with meaningless work.
An Effort-Impact Matrix is a decision-making tool that allows you to prioritize your work and use your time, effort, and resources fruitfully.
6. Critical Elements of Effort-Impact Matrix
Use the Effort-Impact Matrix for prioritization. You will find that it helps you identify and focus on activities that need your immediate attention compared to those that can wait. This will help you rank your work and plan your day more efficiently.
This technique will also help you analyze the amount of effort required for each task, along with the benefits you stand to receive once the job is completed. Using the high-impact high-effort evaluation technique will motivate you to take up challenging tasks that require considerable effort because of the end business value.
This decision-making tool and prioritization technique will also help you optimize and assign your time and resources not to waste any effort when achieving your goals.
Bottom Line: The Effort-Impact Matrix is a way to get your product back on track and align team priorities so that it becomes easier to achieve your set business goals.
Business
Navigating the Process of Selling Deceased Estate Shares
This article aims to provide a comprehensive guide to selling shares from a deceased estate. Process of Selling Deceased Estate Shares.
Table of Contents
1. Understanding the Basics of Selling Deceased Estate Shares
Dealing with a deceased estate can be a challenging and emotional process, especially when it comes to handling financial assets like shares. This article aims to provide a comprehensive guide to selling shares from a deceased estate.
2. What are Deceased Estate Shares?
Deceased estate shares refer to the stocks and shares that were owned by an individual who has passed away. These shares become part of the deceased’s estate and are subject to the terms of their will or estate plan.
3. The Importance of Valuing the Shares
The first step in selling deceased estate shares is to obtain a current valuation. This valuation is crucial for several reasons: it helps in distributing the estate among beneficiaries, it may be necessary for tax purposes, and it gives an idea of the market value of the shares.
4. Legal Requirements and Executor Responsibilities
The executor of the estate plays a pivotal role in the management and distribution of the deceased’s assets. This section will cover the legal responsibilities and steps the executor needs to take to lawfully sell the shares.
5. Obtaining Probate
Before any action can be taken with the shares, it’s often necessary to obtain probate. Probate is a legal process that confirms the executor’s authority to deal with the deceased’s assets.
Transferring Shares into the Executor’s Name
Once probate is granted, shares may need to be transferred into the name of the executor. This process varies depending on the company and the type of shares.
6. The Process of Selling Shares
After completing legal formalities, the executor can proceed with selling the shares. This section will outline the steps involved in this process, including choosing a brokerage or financial service, understanding market conditions, and making informed decisions.
Deciding on the Right Time to Sell
Timing can significantly impact the returns from selling shares. Executors need to consider market conditions and financial advice to determine the best time to sell.
Completing the Sale
This subsection will detail the actual process of selling shares, including placing orders, handling transaction fees, and ensuring all regulatory requirements are met.
7. Navigating Tax Implications and Reporting
Managing tax obligations is a critical aspect of selling deceased estate shares. This section will explain the potential tax implications and the importance of accurate reporting for both capital gains tax and inheritance tax considerations.
Understanding Capital Gains Tax Responsibilities
When shares are sold, any profit made from the time of the deceased’s passing to the sale date may be subject to capital gains tax. Executors need to be aware of these implications and plan accordingly.
Inheritance Tax Considerations
In some jurisdictions, the value of the deceased estate’s shares might impact inheritance tax calculations. It’s essential for executors to understand these aspects in order to ensure compliance with tax laws.
8. Common Challenges and How to Overcome Them
Selling deceased estate shares can present unique challenges. This section will discuss common issues such as disputed wills, fragmented information about the shares, and market volatility.
Dealing with Disputed Wills and Beneficiary Disagreements
Disputes over the will or disagreements among beneficiaries can complicate the process. Executors must handle these situations delicately and legally.
Managing Market Volatility
Shares can be subject to market fluctuations. Executors should be prepared for this volatility and may need to consult financial advisors to navigate these waters effectively.
9. Tips for Executors Handling Deceased Estate Shares
This section will provide practical advice for executors, including the importance of seeking professional advice, keeping thorough records, and communicating clearly with beneficiaries.
Seeking Professional Financial and Legal Advice
The complexity of selling shares from a deceased estate often necessitates professional advice. This can range from legal counsel to financial advisory services.
Record Keeping and Communication with Beneficiaries
Maintaining transparent and thorough records is crucial. Executors should also prioritize clear and consistent communication with all beneficiaries to avoid misunderstandings.
Conclusion
Selling shares from a deceased estate is a responsibility that requires careful attention to legal, financial, and interpersonal dynamics. By understanding the process, staying informed about tax obligations, and tackling challenges head-on, executors can fulfill their duties effectively and respectfully.
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