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I have worked 22 years across 6 organizations as a product manager and senior product manager.
The answer is always…. everyone is accountable.
The agile methodology takes into account imperfect knowledge from imperfect people creates imperfect requirements. That is why we break work down and iterate to develop into a solid solution.
You don’t waterfall into development with absolutely complete perfect requirements that took two years to write and hundreds of review meetings.
In my opinion, the executive team is fully responsible for the these types of failures for not placing direct responsibility on one person. Understanding the market is a product manager's direct responsibility. Only product managers who understood this were allowed to work for me. Requirements for how a goal can be achieved is a distillation of understanding the market. Unfortunately, most companies implement product management incorrectly as a technical supporting role. Product Managers must be a sales-supporting role. There are many dysfunctional tech companies, even the big ones because they are afraid, yes AFRAID, to place someone's head on the chopping block.
I find it interesting you say that gathering requirements is not a PMs job. Whose job do you view that as? I personally hate when I’m handed requirements and told to execute as that feels like the opposite of what I’m there for - which is to understand what we need to build and define that with my cross functional partners.
This was my thought as well. I'm curious to know more about this environment, I'm assuming something 1500+ employees to break jobs down that small.
Wondering - at the start of the process, do you not check with stakeholders that the requirements are right? Is it not checked at every stage of the process?
I remember this from PRINCE2 - you should break your project into stages - understandably in PRINCE2 it is the Project Manager who has a larger accountability but in the real world of Agile, Product Managers need to own the product, and as such the requirements. They need to understand the hi-level requirements end to end.
Product Owners need to know the basics as well, and any minor stuff that can come up for clarifications.