Product philosophy – decision theory

The product strategy should be developed on the basis of many factors, but sometimes requires a flexible approach. At some stage of granulation, you have to make smaller or larger decisions.

According to Aristotle, in order to make a correct decision one should pay attention to three aspects. 23 centuries later, it is still relevant today. In terms of products, it is even advisable. And so, in order to make a good decision, we need time, data and experts.

Time is an ally of good decisions

As bizarre as it may sound, the more important the decision, the more delayed it should be. The classic „Get some sleep with it” can really just help. Procrastination may seem like a bad strategy, but only if you are doing nothing. How should we use this time? According to Aristotle, we should do at least two things:

Always verify information

Data. Important decisions should not be based on guesswork. The decision is a reaction to events, facts that exist in the direct or indirect environment of our product. We should be sure that the data that forces our reaction is true.

Verification should also be based on reaching for own information resources and own research. Open reports, quantitative data, insights from qualitative data. It should always be at your fingertips.

Consult with experts

Data overinterpretation, cherry picking…. There are a lot of cognitive / decision errors and to be aware of them you need to look for an objective and broad perspective. Independent decision should be the last resort.

A guy in golf once said that he didn’t hire smart people to tell them what to do. Let’s go a step further – you employ smart people, incl. so that they advise you and tell you what to do. If you trust your decisions so much, trust yourself to hire smart people who also make good decisions.

Summary

The product strategy is not built „ad hoc” and neither should the roadmap be changed. The decision-making burden should be spread over the time that we will spend on data verification and consultation with experts. It seems obvious, but with practical application it can be different.