value maximization exploration strategy
This strategy is intended to help leaders explore ways to maximize the value of their organization’s products. It facilitates a strategic mindset that raises questions and provokes thought with the Keppian Approach to Organizational Growth at its heart. It proposes reducing the time to applied learning, focusing on value, and setting up for product led, project driven development.
how to use this strategy
Understand the core principles. Familiarize yourself with the core principles of reducing time to applied learning, focusing on value, and balancing product led, project driven development.
Engage with the questions. Use the questions provided in each section to guide your thinking and discussions within your organization and teams. Feel free to generate additional questions that are relevant to your specific context.
Keep exploring. Do not expect exact steps for putting this strategy into motion. This is simply a mental model for exploring value maximization. You should keep learning outside this strategy to employ the principles provided.
/ reduced time to learning
We believe that learning faster helps maximize value. The urgency for the feedback that supports learning can differ depending on the products, teams, and people. Tools like the Feedback Urgency Model provide a way of thinking about how urgently feedback may be needed.
Acquiring knowledge is just the first step; the real value comes from putting that knowledge into action. Applied learning is the process of not only understanding new information but strategically using it to drive decisions and outcomes. This can include taking direct action or, in some cases, deliberately choosing to take no further steps, depending on what maximizes value.
David Anderson wrote, “start with what you do now,” referring to the tactic of avoiding sweeping, overnight changes to organizations. We share the same sentiment when we encourage Limiting Disruption.
Rather than looking to rush into implementing a new framework, a new methodology, or remove your existing ways of working, start by looking to reduce your time to applied learning with the ways you currently work.
Learning happens in many ways and in many different places. Reducing the Time to Applied Learning is not limited to learning about the product’s market reception; it extends to learning about how to work as a team, how the work being done interacts within a larger system, and more.
questions to consider...
How can we minimize scope?
Focus on minimizing the scope of our work to create something observable sooner, allowing for quicker learning and understanding of value.
How can we learn while we work?
Consider the assumptions that might be being made throughout our work. Ask, what do we know and how do we know it? Explore ways to validate those assumptions quickly and continuously.
How do we know we’re learning sooner?
Again, ask, what do we know and how do we know it? Measure the current time to applied learning and observe whether that measure is improving or not.
/ focusing on value
We’ve found that value is one of the most misunderstood and hard to grasp concepts. We’ve also found that success is often output focused. “By having completed a task, we have been successful.” (This continues even though approaches like PMI’s PMBOK now encourage outcome thinking.) Often, teams and organizations don’t consider whether that task was the right thing to do or whether it had the optimal outcome.
Frameworks, methods, and tools like Scrum.org’s Evidence-Based Management, Eric Ries’ Lean Startup, Balanced Scorecards and Benefits Realization Management, offer ways to think critically about value.
questions to consider...
How do we define value?
Focus on what constitutes value. Challenge existing notions and redefine value, recognizing that it can be both tangible (for example, monetary) and intangible (for example, learning and validation of assumptions).
How can we let valuable outcomes direct what we do?
Foster a curiosity-driven culture that questions and explores value from multiple perspectives. This inquisitive nature helps teams think about projects from a more value-centric and outcome-focused perspective. As this mindset matures, encourage teams to consider the end result and impact of their work rather than just completing tasks or features.
Do we have the intrinsic motivation to focus on value rather than output?
High-performing teams thrive on purpose and ownership. To cultivate intrinsic motivation, we should empower team members with decision-making authority, foster transparency around project goals, and celebrate value-creating successes.
/ product led, project driven
We believe that being product focused is important. To maintain outcome thinking with a focus on value, and to reduce your time to applied learning, becoming a product oriented organization is vital. However, we believe that projects are still important to accomplishing objectives and achieving goals.
While we value long-term operational efficiency improvements from new ideas and trends, we prioritize achieving product outcomes. That means we don't ditch proven project management practices. To limit disruption, we encourage continuous learning so that new approaches evolve organically, enhancing workflow without sacrificing results.
questions to consider...
How do we ensure our products become a value stream?
A product must have a clear vision, goals, and direction. Ensure that projects exist to enhance the product.
How can we design a project scoping process that prioritizes learning and validation at every stage, while still ensuring we meet project completion goals?
Ideally, this process would allow us to refine scope iteratively based on what we learn, so we're always focusing on the minimum viable work needed to achieve our objectives.
How do we create projects that will provide achievable, valuable goals to enhance our products?
View projects not as obstacles to product development but as enablers that provide focus, set goals, and create a sense of urgency. Use projects to drive specific objectives within the broader product strategy. This approach maintains a balance between achieving project goals and enhancing the overall product.
Are we striving for certainty in our existing Project Management techniques?
Humanity's desire for predictability extends to project management. However, this pursuit of absolute certainty may not be realistic or desirable. Acknowledging life's inherent uncertainty and prioritizing adaptability over rigid control could lead to more effective project management practices.