How to effectively manage product risks as a product manager

Product management is intricately linked with risk management, focusing on identifying and addressing uncertainties that can affect product development. Marty Cagan outlines four major product risk dimensions—value, usability, feasibility, and viability—emphasizing the strategic importance of managing these risks to ensure successful product outcomes. The article discusses the significance of understanding market needs, testing product usability, ensuring technological feasibility, and addressing business viability in product management. It highlights practical methodologies such as customer interviews, usability testing, and technical risk analysis to mitigate these risks. Additionally, the role of a continuous risk management framework is emphasized, advocating for regular risk identification, impact analysis, prioritization, and contingency planning to align stakeholders and drive product success.