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Since the 50's people have used projects as a way to fund and organize software development. Teams are formed to work on temporary, development-focused projects which are approved though some sort of business case. The entire focus is on output: getting the project done in scope, in time and on budget. The rare project that meets these constraints can however still produce a crappy product: it does not achieve the necessary outcome (benefits to the user).
This is different with a product mindset. The focus is not on the output (getting features out), but on achieving the best possible outcome for the end user. A product mindset focuses on detecting and solving problems, and adapting when new ones emerge. Teams are given problems to solve instead of a list of solutions to implement. Product teams focus on maximizing customer value.
In this talk, I explain why we favor products over projects and delve deeper into the benefits and challenges of a product mindset.