Quantifying Risk for Innovative Teams
Track: Lean Product DesignLocation:Abstract:
While "Lean Startup" product development methods are praised for encouraging rapid feedback from customers through experiments, it is sometimes criticized for not being quantitative enough in its methods. Fortunately it is possible to quantitatively account for risk while iterating the "build-measure-learn" loop.
This talk will focus on quantitative risk modeling approaches when developing new products or services that do not have a well understood product/market fit scenario. Using modeling approaches like Monte Carlo simulations and Cost of Delay scenarios, combined with qualitative tools like the Lean Canvas models and Value Dynamics diagrams, we will explore how lean innovative teams can bring scientific rigor back into their Lean Startup process.