In every company, the journey to developing a product starts with a concise vision. You have plans for the future and believe in achieving them in different ways. Once you develop a strategy, you have to implement various things to accomplish success. That is where the role of initiatives comes. Here is a complete guide that will help you understand it.
Initiative: A Concise Definition
In the product management industry, initiatives are major efforts that you make to achieve various goals of a particular project. It creates a link between your vision and ways to manifest it into reality.
When you set an initiative, it serves as a broad objective that will be achieved with the help of small goals. Simply put, it serves as a theme for a project.
For instance, your initiative may be to offer business opportunities to users through your product. This can be achieved by setting small objectives such as developing an app, webpage, and much more. A key thing to note is that an initiative is the larger aim in play.
How To Set an Initiative?
Before setting an initiative for a project, you first have to define some things. Here is what you need to know about them:
This is the core of any project and allows you to plan what you are building. It also helps you determine where you want your product to be in the future.
These are quantitative objectives that will help you bring your vision to life. They can be achieved within a set period provided that you have thought about everything.
These are the two things that you create a link between through initiatives. The total time to accomplish them can vary depending on your needs. Typically, it is set to be achieved in quarterly or half-yearly time frames.
What Should You Include In Your Initiative?
The initiatives you will set for each product will include different elements depending on the project. Here are some things that you can add to your one:
- Primary focus
- Roles of team members
- Duration of the project
Why Use Initiatives?
By using initiatives, you can create a structured plan and prioritize things as per the project needs. Here are the top reasons to use it when developing a product:
1. Offers A Clear Direction
You can ensure your project is going in the right direction by creating initiatives. This is because you will have a clear idea of how to proceed forward. Simply, it provides a roadmap that allows you to track your progress through accomplished goals.
2. Allows You To Make Better Decisions
A key thing to note is that you will make better decisions when you have the initiative. This is because your goals will be aligned with your vision. So in each step, you will make decisions while keeping the bigger picture in mind.
That was your complete guide to the definition of initiative in the project management industry. Once you keep these things in mind, you can come up with the right initiative to link project goals and vision.