Estimating the Cost of Developing New Features for Apple Maps
Introduction
As aspiring or seasoned Product Managers (PMs) looking to break into or grow within FAANG companies, mastering the art of answering interview questions effectively using structured frameworks is crucial. In this blog post, we’ll be diving into a common interview question faced by PM candidates: “How would you estimate the cost of developing new features for Apple Maps?” The ability to breakdown and provide a well-thought-out estimate underlines your analytical skills and understanding of project management, both of which are essential for a PM.
Detailed Guide on Framework Application
The most fitting framework for this question is the Cost-Estimation Framework. Cost estimation challenges require one to analyze various aspects of the development cycle, considering both qualitative and quantitative factors.
Step 4: Estimated Development Time
Based on the comparison and assumption, we can set an approximate development time. For simplicity, if we have determined that Feature A is twice as complex as the reference feature, and the reference feature took 3 months to develop, we can estimate that Feature A will take 6 months.
Step 5: Resource Costs
Having determined the duration, we now calculate the cost of resources involved. If the average engineer’s cost to the company is $150,000 per year, we can break this down to monthly costs and multiply by the team size and estimated development time to get an approximate cost of labor.
Step 6: Additional Expenses
Lastly, factor in additional expenses such as QA, infrastructure, overheads, and contingency budgets. Make sure to add a buffer for unexpected complications.
Fact Checks and Assumptions
It’s crucial to base your assumptions on industry standards. For instance, using average salary data and development timeframes for tech companies can make your estimates more credible.
Communication Tips During the Interview
Articulate your thought process clearly and logically. State your assumptions, and demonstrate flexibility in your approach by discussing potential variables that could affect your estimates.
Conclusion
In conclusion, estimating the cost of developing new features for Apple Maps involves a comprehensive analysis using the Cost-Estimation Framework. Candidates must consider factors like project scope, team composition, estimated development time, resource costs, and additional expenses while stating assumptions clearly and communicating effectively throughout. Practice is key, and the more you utilize these frameworks, the more refined your responses will become.