BONUS: Helping the PO Measure Value, Unwrapping Metrics Mastery with Vasco Duarte
Read the full Show Notes and search through the world’s largest audio library on Scrum directly on the Scrum Master Toolbox Podcast website: http://bit.ly/SMTP_ShowNotes.
Merry Christmas, dear listeners! We hope your festive season is filled with joy and warmth. Today marks another special BONUS episode in our Christmas week lineup, and we're diving into the crucial topic of helping Product Owners measure value. If you missed our previous episode on defining business value, be sure to check it out as today's content builds upon those insights.
This episode, like all others this week, is a companion to the Coach Your Product Owner e-course, accessible at bit.ly/coachyourpo.
Why We Need To Help Product Owners Measure Value
Ever envisioned driving a familiar road blindfolded? Many teams find themselves in a similar predicament, knowing their backlog and delivery process well but lacking clarity on their goal. A backlog of items, as emphasized yesterday, is not a goal.
Defining Value is Not Enough; We Must Measure It
While some teams may define goals, many stumble when it comes to measuring them early and consistently. Aligning with the Agile Manifesto, this episode emphasizes why continuous delivery of valuable software needs to be complemented with the same continuous measurement of value!
Leading and Lagging Indicators and Why That's Important
In this episode, we discuss the distinction between leading and lagging indicators. Leading indicators provide insights into future events, while lagging indicators validate that the product is delivering value. Explore the significance of both in making informed decisions.
The Difference Between Strategic Metrics and Day-to-Day Metrics (The Metrics Tree Technique)
Building on yesterday's discussion about understanding the company's strategy, we explore the transition from strategic metrics (lagging indicators like revenue) to day-to-day metrics. This transition is essential for ensuring daily value delivery and supporting short-term, customer-focused experiments.
In this segment, we discuss the Metrics Tree technique which Vasco learned from Chris Matts.
Product Dashboards for the PO and the Team
Product Dashboards emerge as a crucial tool to keep teams focused on the right metrics throughout the development process. These dashboards visualize product goals, the target customer, current and future sprint goals, and key metrics. They serve as a cornerstone for team accountability, fostering self-management and autonomy.
In this episode, we discuss a Product Dashboard similar to the one illustrated below:
How To Measure Value: A Summary
In today’s episode, we covered the following steps to help the PO measure value:
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Define value (discussed in the previous episode).
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Define appropriate metrics for the defined value.
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Consider both leading and lagging indicators.
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Ensure a balance of strategic and day-to-day metrics for decision-making.
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Build a product dashboard with the PO and the team to enhance self-accountability and self-management.
Explore these concepts further in the Coach Your PO e-course:
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Module 3 (Version 1.0): Setting up ACTIONABLE metrics, distinguishing between ACTIONABLE and Vanity Metrics.
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Module 2.0: Scaling up the Product Owner role for multiple teams and products, featuring insights into Product Dashboards and Vision.
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Module 09: Techniques for quick feedback and leveraging process metrics critical for the discussed product dashboard.
For more details on the Coach Your PO e-course, visit bit.ly/coachyourpo.
If personalized coaching suits your needs, reach out to us at coaching@oikosofy.com.
Keep learning, keep helping your team, and we'll catch you in the next episode!
About Vasco Duarte
Vasco is a leading voice in the agile community, known for his contributions to the development of agile methodologies and practices. He is the co-founder of Agile Finland and the host of Scrum Master Toolbox Podcast, the most popular Agile podcast in the world, which has more than 10 000 000 unique downloads. He is also the author of “NoEstimates: A novel look at how Agile can transform software development, making it both more sustainable, as well as incredibly profitable.” Vasco is a keynote speaker at many conferences and events, sharing his knowledge and experience with the agile community. With his passion and expertise in agile, Vasco has made a significant impact on the way software development is done today, helping organizations to become more efficient, flexible, and responsive to changing requirements.lYou You can link with Vasco Duarte on LinkedIn and connect with Vasco Duarte on Twitter.