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A cost benefit analysis in product development plays a crucial role in decision-making. It helps in evaluating the potential costs and benefits associated with a proposed project or product. This analysis aids in determining whether the project is financially viable and worth pursuing. It also assists in prioritizing features and aspects of the product based on their cost-effectiveness and potential return on investment.
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With this explainer, you'll learn some advanced tools to manage product development like the pros. You'll hear some real-world examples of how these companies weigh the costs and benefits of an upcoming venture, prioritize important features and build delight into everything they create. As usual, you can download this framework to use in your own product management process. Plugin your own data and customize each slide according to your needs.
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How do you take your product management to the next level? Due to popular demand, we've expanded our Product Development Toolkit to include more tools...
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