How many of us have completed our syllabus just one night before the exam? 📚

 

How many of us have completed a task deadline by working on it 2-3 days before the deadline even though it was given to us 10 days before? ⏰

 

This is very common. People often procrastinate until the last minute, regardless of the deadline's initial length. This is what Parkinson's Law suggests that work expands to fill the time allotted for its completion.

 

That is why it is very crucial to have time-bound deadlines because it helps us keep focus on the things and get the work done. ⏳

 

This translates to OKRs in product domain. OKRs provides a framework for setting clear, time-bound objectives and measurable key results. By setting specific goals with deadlines, teams can avoid the pitfalls of Parkinson's Law by maintaining focus and accountability. 🎯

 

 

✅The Right way to set Objectives:

 

1. Short, significant and action-oriented

2. Time bound and concrete

3. Inspiring

4. One team owns it

5. Should be outcomes, not outputs

 

 

✅The Right Way to Set Key Results:

1. What would success look like i.e. measurable and verifiable
2. Set baseline, or guess an expected value

3. Have at least 2-3 results for one outcome

4. Ensure that what you measure is clear

 

Aakash Gupta talks about The OKPS (objective – key result – problem – solution) framework. (Though I disagree that OKRs are not user driven. The way OKRs are applied is crucial, although they may feel rigid for innovative projects.). This is what I like about the OKPS tool, which I've found particularly helpful for my team, especially when developing a new product: it explicitly connects user problems with OKRs and proposed solutions. It reinforces the importance of prioritizing user needs in product development. This ensures that product teams remain focused on solving user problems and driving meaningful outcomes for customers. 🛠️

 

 

Now, let's talk about OKR vs. KPI

 

✅OKR: Aims to achieve a larger vision of product; focus on process

 

Example:

Objective: Increase customer satisfaction

KR 1: Achieve a Net Promoter Score (NPS) of 70 or higher by the end of the quarter.

KR 2: Reduce customer support ticket resolution time by 20%.

KR 3: Increase customer retention rate by 15%.

 

✅KPI: Aims to scale/improve a certain aspect; focus on outcome

 

Example:

KPI: Achieve a monthly revenue growth rate of at least 10%.This KPI measures the organization's ability to generate revenue and track the rate of growth over time.

 

 

📝 TL;DR Summary:

❌Procrastination

✅Parkinson's Law: Time expands work

✅Time-Bound Deadlines: Maintain focus, accountability

✅Objectives: Inspiring, outcome-focused

✅Key Results: Measurable

✅OKPS: Links user problems to OKRs

✅OKRs focus on process, KPIs on outcome

 

What are some of the biggest challenges you've faced when setting and tracking OKRs in your product management process? Tell me in comments section below!! 💬💬💬