How to estimate responsibly in product - Neil Vass (Engineering Manager, The Co-op, BBC)
Jun 26, 2024
auto_awesome
Engineering Manager Neil Vass discusses responsible estimation in product management, covering pitfalls like setting overly optimistic goals. They explore biases in estimation, improving estimation skills, and decision-making games like guessing the weight of a pound coin. The episode emphasizes widening estimation ranges for accuracy, feedback, and building trust within teams for successful estimations.
Good estimation practices aid decision-making and set expectations.
Estimation should not be used as a performance metric to avoid gaming behavior.
Deep dives
Understanding Estimation in Product Development
Estimation in product development can be a challenging process. Neil Vass, an engineering manager at the UK's Co-op, highlights the importance of good estimation practices. He emphasizes that while estimation can be time-consuming and results may not always be accurate, it is crucial for making informed decisions. Neil suggests that teams should aim to move towards a 'no estimates' approach only if the conditions for success are already in place.
Challenges of Estimation and the Value of Forecasting
Estimation is often perceived as a dark art in product development. However, Neil Vass explains that estimation serves multiple purposes, including aiding decision-making and setting expectations. Estimation can help teams understand their capacity and performance against their own estimates. Neil warns against using estimation as a performance metric, as it can lead to gaming behavior and hinder innovation.
Improving Estimation Accuracy with Data and Insights
To enhance estimation accuracy, Neil Vass recommends leveraging data and insights from past experiences. By understanding the team's performance history and comparing estimates with actual outcomes, teams can refine their estimation process. Neil emphasizes the importance of considering additional factors, such as team discipline and work complexity, when estimating project timelines.
Enhancing Trust and Collaboration for Effective Estimation
Neil Vass underscores the significance of trust and collaboration in the estimation process. He suggests that a high-trust environment allows for more effective estimation practices, while mistrust can impede accurate forecasting. By fostering a culture of trust and transparency, teams can improve their estimation accuracy and overall productivity.
Listen to our conversation with Neil Vass, Engineering Manager at Co-op. We unravel the intricacies of making estimations in product and discuss the fine balance between setting attainable goals and avoiding undue stress on your team.
In our discussion, we address the common pitfalls in estimation, from the pressure to deliver overly optimistic figures to the misuse of estimates as bargaining chips rather than planning tools.
Featured Links: Follow Neil on LinkedIn | Neil's website | Neil's 'Minimum Viable Estimation - Part 4'feature | Neil's 'Minimum Viable Estimation - Part 5'feature | 'Estimating Complexity' - Liz Keogh episode on The Product Experience | Buy'How to Measure Anything: Finding the Value of Intangibles in Business' book by Douglas W. Hubbard
Our Hosts Lily Smith enjoys working as a consultant product manager with early-stage and growing startups and as a mentor to other product managers. She’s currently Chief Product Officer at BBC Maestro, and has spent 13 years in the tech industry working with startups in the SaaS and mobile space. She’s worked on a diverse range of products – leading the product teams through discovery, prototyping, testing and delivery. Lily also founded ProductTank Bristol and runs ProductCamp in Bristol and Bath.
Randy Silver is a Leadership & Product Coach and Consultant. He gets teams unstuck, helping you to supercharge your results. Randy's held interim CPO and Leadership roles at scale-ups and SMEs, advised start-ups, and been Head of Product at HSBC and Sainsbury’s. He participated in Silicon Valley Product Group’s Coaching the Coaches forum, and speaks frequently at conferences and events. You can join one of communities he runs for CPOs (CPO Circles), Product Managers (Product In the {A}ether) and Product Coaches. He’s the author of What Do We Do Now? A Product Manager’s Guide to Strategy in the Time of COVID-19. A recovering music journalist and editor, Randy also launched Amazon’s music stores in the US & UK.
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode