Shared Product Information
The term "Shared Product Information" refers to the aggregate of all data, insights, and understandings that have been collectively discussed and disseminated among members of the product team.
Importance of Shared Understanding
The key advantage of shared product information is that it fosters a common understanding within the product team. This is especially crucial when the charter is collaboratively developed, which usually serves as the foundational document outlining the objectives and scope of the portfolio component, program, or project. Having a shared understanding:
- Reduces Risks: One of the most salient benefits is the mitigation of risks associated with the end solution being out of alignment with stakeholder expectations. A shared understanding ensures that everyone is on the same page about what is to be delivered, thus minimizing the chances of going off course.
- Enhances Team Effectiveness: A team that shares a common understanding of the product information is generally more effective in its development efforts. This is because ambiguities and misunderstandings are less likely to occur, allowing for a more streamlined and efficient workflow.
Components of Shared Product Information
While the term itself is broad, shared product information can include various types of data and information such as:
- Requirements (Functional and Non-Functional)
- Design Specifications
- Project Scope
- Stakeholder Feedback
- Project Milestones and Timelines
- Risks and Mitigations
- Constraints and Assumptions
Mechanism for Sharing
The information can be shared through various means such as documentation, collaboration tools, meetings, and iterative discussions. The medium of sharing is not as crucial as the act of sharing itself, which aims to keep all team members informed and aligned.
Impact on Stakeholder Alignment
Shared product information also has implications for stakeholder management. By building a shared understanding within the product team, it becomes easier to manage stakeholder expectations and to ensure that what is being developed aligns closely with what stakeholders need and expect.
In summary, Shared Product Information is not just about the dissemination of data but is a strategic approach to ensure that everyone involved in a portfolio component, program, or project has a common understanding. This shared understanding is a critical enabler for risk mitigation and enhances the team's effectiveness, thereby contributing to the overall success of the project.