What is OKR in product management?
OKR stands for Objectives and Key Results. This is a framework in which a company sets their objectives, sets measurable key results and then tracks progress on the key results.
The OKRs are set by the company's leadership team and should be specific, measurable, achievable, relevant and time-bound. The measurements must be in alignment with the objectives to ensure that they are being met.
Product management is all about setting goals for a product or project and achieving them within a certain timeframe. The OKR framework helps achieve this goal by setting goals that are specific, measurable and achievable.
The objectives are the company's goals, which are typically long-term. The key results are the measurable steps that need to be taken in order to achieve those objectives.
What is the difference between KPIs and OKRs?
OKRs are goals that are set for the next quarter or year. They are used to measure progress and success. They are a set of objectives that help you measure and guide your team's progress.
KPIs are metrics that are tracked to measure performance, such as conversion rates, bounce rates, etc KPIs are the metrics that you use to measure the success of your OKRs.
The difference between OKR and KPIs is that while KPIs are quantitative, OKRs are qualitative. The goal of OKRs is to create a shared understanding of what success looks like for your team, so that everyone can work in the same direction.