How to Use Mental Models in Your Product Role by Farfetch Sr PM
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Main Takeaways: - What are the mental models? - Why are they relevant in product management? - How can you use them in your product role? - How can they help you in your career?
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How to Use Mental Models in Your Product Role by Farfetch Sr PM
- 1. www.productschool.com How to Use Mental Models in Your Product Role by Farfetch Sr PM
- 2. Your Product Management Certificate Path Product Leadership Certificate™ Full Stack Product Management Certificate™ Product Management Certificate™ 20 HOURS40 HOURS40 HOURS
- 4. Free Product Management Resources BOOKS EVENTS JOB PORTAL COMMUNITIES bit.ly/product_resources COURSES
- 5. How to use mental models in your product role FARFETCH
- 6. 01 02 03 04 Hello! I’m Victor What are mental models? Why are they relevant? How can we use them? Layout credits: slidesgo CONTENTS
- 7. Picture credits: FARFETCH Hello! I’m victor
- 8. What are mental models? What is elementary, worldly wisdom? Well, the first rule is that you can’t really know anything if you just remember isolated facts and try and bang ‘em back. (...) You’ve got to have models in your head. And you’ve got to array your experience -both vicarious and direct- on this latticework of models. Charlie Munger - 1994 - Marshall Business School Berkshire Hathaway - 20.5% ROI since 1965 Picture credits: Omaha World Heritage
- 9. What are mental models? PAST EXPERIENCES AND LEARNINGS MENTAL MODEL
- 10. - Create a mental picture of a situation, which becomes a model that you can later apply in similar situations - The models have to come from different disciplines, as the wisdom in the world is not limited to one academic department - They can unlock ‘super thinking’, the ability to think better about the world - use it to your own advantage! What are mental models?
- 11. Let’s look at a couple of examples... 1. De-risking models: Minimum Viable Product (MVP) 2. Dealing with conflict: decision logs What are mental models?
- 12. WHY ARE THEY RELEVANT? Picture credits: Mad Men
- 13. HOW CAN YOU USE THEM? OBSERVE CONNECT USE IT!
- 14. HOW CAN YOU USE THEM? GENERAL THINKING PRIORITISATION Circle of competence First principles thinking Thought experiment Second-order thinking Probabilistic thinking (...) Find the bottleneck Cost of delay Eisenhower matrix 80/20 rule Long-term ROI (...) Sources: Farnam Street and Eric Jorgenson
- 15. OPTION A OPTION B (...) DECISION LOG TEMPLATE + Pros - Cons + Pros - Cons + Pros - Cons 2- CONTEXT1- DECISION 4- RESOURCES 3- OPTIONS 5- OUTCOME REMEMBER: the value of the model lies in the collaboration with your peers! List the pros and cons List the pros and cons List the pros and cons Describe the decision, who needs to be involved and when do you have to reach consensus Describe the background information needed to bring all your colleagues to the same page List the resources, such as additional documentation or data assets Detail the outcome of the discussion and the final option considered
- 16. RESOURCES
- 18. THank you Get in touch! victor.duran@farfetch.com
- 19. www.productschool.com Part-time Product Management Training Courses and Corporate Training