Balancing Resources, Evaluating Risk (market and development) to estimate Value. Yes a simple formula RRV! Risk is the wild card that takes experts from all areas, Resources are finite unless an investment is warranted and Value accuracy can be managed.
Seems easy right Risk, and Value are no strangers to the Product Professional. We have magic frameworks and tools that help us determine I mean rationalize our judgments. Honestly technical risk of completing R&D on time or mounting a big problem in a way that separates your product from the pack is tough stuff.
If the value is there the risk is worth it and the resources a math problem. Value is not the end product, it is the ends statement. Think about it! I go back to the five levels of impossible, if we are not breaking the rules of Physics as we know them then it is time and money that separates the current state from the future state where you put the most valuable product in the market into the market.
Creating value from R&D efforts is mostly a linear process, yes sometimes that wow moment can move the ball forward or you can be leapfrogged but intelligent minds move through tests, eliminate poor choices and see the answer on the horizon.
Great teams feed R&D with market info on what others are doing and much more to keep the thinking on path. So if you do things well your teams will bring in the innovation that will set you apart from others and create high value in the market. Simple but there are many things to “Do Right’ on the business side of the equation.
Product managers drive many things at once and often are the single point of failure if a market opportunity is missed. Like anything success has multiple fathers and failure as single Product Manager. Portfolios require executives to balance those resources and time horizons so many PMs feel their Executive did not give them the window. As an executive PM, I say you did not make the argument.