Product workers: dealing with product risks

In this podcast episode, Oliver Winter and Tim Klein address the topic of product risks and highlight the challenges that product owners must overcome with respect to risk assessment. Every product development involves risks that must be dealt with and dealt with consciously. For Product Owners, identifying potential risks at an early stage and developing strategies to mitigate them is at the core of their responsibility.

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Four categories of product risks

Both talk about classifying product risks into four categories: usability risk (usefulness to the customer), value risk (added value to the customer), business feasibility risk (economic feasibility) and feasibility risk (feasibility). As a Product Owner it is important to develop an awareness of these different risk areas. Understanding customer needs and constantly evaluating the market helps minimize potential price risks. Because only a product that truly provides added value will last.

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When it comes to business feasibility risks, the focus is on the economic feasibility of the product. A product may be liked by users and technically viable, but it may still fail due to the unprofitable business model. It is important to keep in mind the strategic direction of the company and ensure that the product supports long-term economic success.

Consider moral hazard

An important aspect addressed in this episode is the need to consider ethical aspects beyond purely technical risks. Here Tim Klein and Oliver Winter talk about so-called ethical risk, which is about whether a product is ethically appropriate and consistent with the organization’s ethical principles.

Continuous product discovery and close collaboration with stakeholders can help identify product risks at an early stage and mitigate them through targeted tests and experiments. Product ideas are checked for assumptions in the development phase and converted into hypotheses to make decisions based on the results before product delivery begins. Collaboration in the so-called “product triad” consisting of product owners, designers, and engineers can open up valuable perspectives for risk assessment.

The current version of the podcast is also available on the ProductWorker blog: “Dealing with Product Risks,

(May)

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