I went from having PMs to having no PMs to having PMs again. And I've officially confirmed my position that there's little to no reason for them.
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Good points @jibae .. there’s a lot of nuance to this depending on the org. 1. Designers are trained to own product/service but usually don’t have authority. 2. Not all designers want to do this 3. There’s honestly too much to do if a designer has to do product as well.
And my personal observation is that the PMs I like working with don’t tend to come from an elite MBA background.