Major risk involving Product Management:
- Value risk (will people buy it, or choose to use it?)
- Usability risk (can users figure out how to use it?)
- Feasibility risk (can we build it with the time, skills, and technology we have?)
- Business Viability risk (will this solution work for the various dimensions of our business?)
In an empowered product team, product controls valua and viability. This comes from deep understanding of:
- access to data
Delivery vs Feature vs Product teams
Delivery teams are not cross-functional (basically just developers plus a backlog administrator product owner), they are not focused on outcome (they are all about output), and they are not empowered (they are there to code and ship).
Feature teams usually are cross-functional (at least some form of designer and some form of product manager), but they are still all about output and not empowered.
Product teams are cross-functional, focused and measured by outcome, and empowered to come up with solutions that work.
Good product managers know the market, the product, the product line and the competition extremely well and operate from a strong basis of knowledge and confidence.