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In business and project management, a responsibility assignment matrix [1] (RAM), also known as RACI matrix [2] (/ ˈ r eɪ s i /; responsible, accountable, consulted, and informed) [3] [4] or linear responsibility chart [5] (LRC), is a model that describes the participation by various roles in completing tasks or deliverables [4] for a project or business process.
Depending on the company's size, industry, and history, product management has a variety of functions and roles. Frequently there is an income statement (or profit and loss) responsibility as a key metric for evaluating product manager performance.
The role of the product manager was created to manage the complexity of the product lines of a business, as well as to ensure that those products were profitable. Product managers can come from many different backgrounds because their primary skills involve working well with customers and understanding the problems the product is intended to solve.
A chief product officer (CPO), sometimes known as head of product or VP of product, is a corporate title referring to an executive responsible for various product-related activities in an organization. The CPO is to the business's product what the CTO is to technology. They focus on bringing the product strategy to align with the business ...
An integrated product team (IPT) is a multidisciplinary group of people who are collectively responsible for delivering a defined product or process. [ 1 ] IPTs are used in complex development programs/projects for review and decision making .
Product Control is a control and support function, responsible for ensuring accurate financial reporting for trading, lending and treasury desks. [ 1 ] [ 2 ] The function is an important risk management element within investment banking , and is also often employed by corporate treasuries , hedge funds , and more recently, crypto trading firms .
The product owner focuses on the business side of product development and spends the majority of time liaising with stakeholders and the team. The role is intended to primarily represent the product's stakeholders, the voice of the customer, or the desires of a committee, and bears responsibility for the delivery of business results.
The product manager then gathers the product requirements and creates a product requirements document (PRD). After that, product managers give the PRD to the engineering team. These roles may vary across companies. In some cases, product management creates both the MRD and the PRD, while product marketing does outbound tasks.