The Evaluation of Business Strategy

Richard Rumelt (1980)

> It is impossible to demonstrate conclusively that a particular business strategy is optimal or even to guarantee that it will work. One can, nevertheless, test it for critical flaws….

Rumelt proposes that an effective strategy should adhere to at least one of the following criteria:

1. Consistency: The strategy should not have conflicting goals and policies.
2. Consonance: It must adapt to the external environment and its critical changes.
3. Advantage: The strategy should foster the development or maintenance of a competitive edge.
4. Feasibility: It must not overburden available resources or create intractable issues.

If a strategy fails these tests, it should be approached with skepticism.

Nudging: A Very Short Guide

R. Sunstein (2014)

> This brief essay offers a general introduction to the idea of nudging, along with a list of ten of the most important “nudges”…

I refer to this paper monthly, as it provides a solid checklist of nudges that can enhance user behavior. Keeping these in mind can significantly improve product design:

1. Default rules (e.g. automatic enrollment)
2. Simplification (to encourage existing program participation)
3. Social norms (highlighting common behaviors)
4. Enhancements in convenience (e.g. making healthy options clear)
5. Full disclosure (e.g. revealing credit card costs)
6. Warning labels (e.g. cigarette packaging)
7. Precommitment strategies (commitment to specific actions)
8. Reminders (e.g. overdue bill alerts)
9. Implementation intentions (“Do you plan to vote?”)
10. Informing users about past choices and their consequences.

A Thorough Examination of Software Product Management Challenges

Olga Springer & Jakub Miler (2022)

Product Management is still an evolving field, and the theoretical frameworks often lag behind real-world practices. This gap is especially pronounced in traditional companies outside of innovation hubs like Silicon Valley. To advance the Product Management community, it is crucial to identify and bridge this divide, making this paper particularly relevant.

The main challenges faced by Product Managers include:

1. Accurately assessing the actual value of the product needed by customers
2. Frequent changes in strategy and priorities
3. Managing technical debt
4. Working in silos (issues with communication and synchronization)
5. Balancing reactive and proactive tasks, often prioritizing immediate requests over innovation
6. Insufficient support for research initiatives
7. Lack of automated testing processes
8. Ambiguity around the Product Manager role within the organization
9. Limited user research
10. Roadmaps that focus more on features than on goals and business value

Machine Learning: The High-Interest Credit Card of Technical Debt

D. Sculley et al (2014)

> Machine learning offers a fantastically powerful toolkit for building complex systems quickly. This paper argues that it is dangerous to think of these quick wins as coming for free…

Machine Learning can simplify coding, but it comes with hidden costs. This paper emphasizes the complexities and maintenance challenges associated with ML, which often leads to significant technical debt.

The Eighty-Five Percent Rule for Optimal Learning

Wilson, Shenhav, Straccia, Cohen (2019)

> Researchers and educators have long wrestled with the question of how best to teach their clients…

This study explores how the difficulty of training affects learning rates, identifying a “sweet spot” for optimal learning. It finds that an ideal training accuracy is around 85%. This concept aligns with earlier theories about learning environments and challenges.

The Science of Usability Testing

Jean E. Fox (2015)

> Usability testing has evolved from stringent methods of experimental psychology…

This paper chronicles the evolution of usability testing and provides valuable insights:

• Participant Numbers: Diminishing returns occur beyond four or five participants, yet more are needed for complex systems.
• Observer Numbers: The inclusion of multiple trained observers can enhance the identification of usability issues.
• Think-Aloud Method: This technique can significantly affect results and should be implemented thoughtfully.

The Magical Number Seven, Plus or Minus Two

Miller (1956)

> Miller proposed as a law of human cognition that humans can effectively process no more than seven units of information…

Despite being decades old, this concept is increasingly relevant, particularly in the context of mobile and audio interfaces. It serves as a useful starting point for discussions about user journeys and information overload.

Applying Behavioral Insights to Health Policy Challenges

Dominic King (2015)

> Many significant challenges in healthcare will only be resolved if we are more successful at changing behaviors…

For product success, influencing user behavior is crucial. This paper outlines ‘Mindspace’ effects to consider when designing interventions:

• Messenger: Our responses are influenced by who delivers the information.
• Incentives: Mental shortcuts shape our reactions to incentives.
• Norms: Our behaviors are strongly affected by others.
• Defaults: We tend to follow preset options.
• Salience: We pay attention to novel and relevant cues.
• Priming: Subconscious cues influence our actions.
• Affect: Emotional associations can drive our behavior.
• Commitments: We strive for consistency with public promises.
• Ego: We act to enhance our self-perception.

The Relationship Between Recall and Precision

Michael Buckland, Fredric Gey (1994)

> Empirical studies of retrieval performance have shown a tendency for Precision to decline as Recall increases…

This paper examines the interplay between precision and recall, essential for both search and machine learning. Understanding this balance is critical for product managers to ensure effective performance.

Clinical Reminder Alert Fatigue in Healthcare

Katarzyna Lewandowska et al (2020)

> In intensive therapy conditions, alarms are omnipresent, leading to alarm fatigue among nurses…

Alarm fatigue is a genuine concern in healthcare. Designing products with user environments in mind is crucial for avoiding overwhelm.

In conclusion, these ten papers serve as stepping stones toward mastering Product Management. For more recommendations on papers and book summaries, consider signing up for my newsletter, Product.

Andrew