Managing Products with Agility [P2]: Manage products with agility / product vision - The Professional Product Owner and the Three Vs

Question 1

What are the three Vs of product ownership and what they mean all together?

Answer 1

• Vision
• Value
• Validation

⇒ what aprofessionalProduct Owner needs to do in order to achieve initiating innovation and functionality, not just receiving it

Question 2

Explain vision

Answer 2

• the best thing a Product Owner can do to truly take ownership and inspire others is to establish and communicate a clear vision for the Product
• Why are we building it?
• Whose lives will be improved by it?

Question 3

Explain value

Answer 3

• the best thing a Product Owner can do to move away from a project mindset (time, budget, scope) to more of a product mindset (value to stakeholders) is to define and communicate what success looks like.
• Is it customer satisfaction?
• Operating costs?
• Registrations?
• How will we measure it?
• How do we know when the value received no longer outweighs the costs?

Question 4

Explain validation

Answer 4

• the best way a Product Owner can actively manage risk is to shorten the feedback loop by validating frequently with internal experts and, even better, with the external marketplace.
• A professional Product Owner knows that the only way to move the needle on any value measurement is to release to customers.
• Until then, everything is just a hypothesis.

Question 5

Explain how the three Vs fit perfectly with thethree pillars of empiricism

Answer 5

• VisioncreatesTransparency.
• DefiningValueprovides you with something toInspect.
• ValidationcausesAdaptation.