One of the defining characteristics of product development is making decisions and judgments, in the face of uncertainty. Exploratory Product Development (ExPD) is based on the premise of reducing risks and uncertainty. We’re defining uncertainty as having imperfect or limited knowledge about something, resulting in the potential for surprise or unpredictability in the future.
You’ll notice that uncertainty can be caused by:
At some time in the future, most of the uncertainties will be resolved: Information is gathered, decisions are made, outcomes occur and surprises are dealt with. Until an uncertainty is resolved, however, we still have to make progress on developing the product. We have to plan and make decisions on reducing uncertainty despite lacking key information.
In essence, with ExPD we want to gain more understanding on the unknowns in product development, so moving those Unknown Knowns to either Known Knowns or Known Unknowns (see blue arrows).
Try out Exploratory PD in our low-risk pilot program and experience the benefits firsthand
[i] Reference Preston Smith, Flexible Product Development: Building Agility for Changing Markets. (Jossey-Bass, San Francisco, CA) page 193.
Strategy 2 Market helps companies increase growth and decrease product development complexity. www.strategy2market.com
For more information or to speak with one of our consultants, please contact Mary Drotar at 312-212-3144 or [email protected]