thrv

jobs-to-be-done

Included Examples
B2C JTBD: Get to a destination on time
Job executors: Consumers
B2B JTBD: Ensure aircraft airworthiness
Job executors: Aircraft Maintenance Directors
B2B JTBD: Invest in a private equity fund
Job executors: Limited Partners

What We Offer

Advantages

thrv (thrive) provides jobs-to-bedone training, services, and

software to product teams.

thrvs training, services, and software have powerful advantages that

enable your product team to make better decisions and generate more
customer and shareholder value with less risk.

Training
We provide jobs-to-be-done
(JTBD) training including how to:
identify jobs and customer needs,
quantify market opportunities,
segment customers, analyze
competitor, optimize pricing,
generate product ideas, and plan a
roadmap.
Services
We provide professional services
tailored to your needs to assist in
your product teams execution of
the jobs-to-be-done method.
Software
We provide the only product
management software designed to
help your team execute the jobsto-be-done method.

Contact:
Jay Haynes
jay@thrv.com
(415) 727-1885
linkedin.com/in/jayhaynes

1. Accelerated Revenue & Profitability Growth. thrv helps

product teams identify the best roadmap to beat the competition,
win in the market, and accelerate both revenue and profit growth.
2. Reduced Risk. thrv uses quantifiable customer needs to
determine the size of a growth opportunity before any investment in
a product roadmap. This reduces the risk of spending time, money,
and resources on product ideas that are likely to fail.
3. Customer Focused. thrv is designed from the ground up with
your customers job-to-be-done in focus. The unmet customer
needs in your customers job are the foundation for competitive
analysis, idea generation, and messaging in thrv.
4. Better Idea Generation. thrv enables product teams to generate
better ideas because it provides clear, specific criteria for what
makes a product idea valuable based on satisfying the unmet
needs in your customers job-to-be-done.
5. Powerful Competitive Analysis. thrv enables a product team to
identify your competitors weaknesses based on how well
competitive solutions get the customers job done.. This helps
determine the best strategy to beat the competition and win in the
market.
6. Accurate Revenue Projections. thrv enables product teams to
more accurately project revenue growth based on satisfying the
unmet needs better than the competition at a price your customers
are willing to pay to get the job done.
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thrv
Overview
In order to grow, companies must invest in new
ideas. And in order to make growth investment
decisions, product teams need to predict the
growth, revenue, and profits that a new idea will
generate. This is exceptionally hard to do.

is simple: the goal of innovation is not to

generate ideas, it is to satisfy unmet customer
needs better than competitors. But the traditional
definitions of a customer need are problematic.

The Problem
Product failures are caused by multiple problems
in traditional product management. First and
foremost is the ideas-first approach to product
management. Most product management
processes and software are designed for this
ideas-first approach. Product teams generate
product ideas and enter them into the software
(e.g. stories in agile development). Then the
development team starts building the features.
When the features are complete, the product is
launched.
The vast majority of the time this doesnt work.
Customers dont buy or use the new product or
features, and the companys investment in
product development and marketing doesnt
grow revenue and profits against the
competition.
The Solution
The solution to this problem is a needs-first
approach to product management. Rather than
starting with ideas, the product team should
start with the customer needs. The reason why

What is a customer need? How many are there?

How should you and your team prioritize the
needs? Which needs are unmet? How do you
know if you will satisfy the needs better than
your competitors? How do you know if satisfying
the needs will generate enough revenue within
your product development budget?
Customer Needs
Customer needs exist within a market, so the
problem of how to define a customer need
starts with the definition of a market. All of the
traditional market definitions outlined in Table 1,
are based on products. But products are merely
point-in-time solutions that help customers
execute a job (what has become known as a
job-to-be-done). Clay Christensen of Harvard
Business School has put this concept simply:
customers are not buying your products, they
are hiring them to get a job done.
For example, in order to execute the job of
curating music, customers have hired a huge
range of products: piano rolls, Victrolas, LPs,
eight-track tapes, reel-to-reel tapes, cassettes,
CDs, MP3 players, and streaming apps. So

Table 1. Traditional Flawed Product-Based Market Definitions

Total addressable market

All units sold in a product category * price per unit

Serviceable addressable market

Units sold of a specific product type * price per unit

Potential market

All customers with interest in a product oer

Qualified available market

All qualifying customers with interest in a product oer

Target market

The segment of the qualified market a company pursues

Penetrated market

The percentage of customers buying a companys products

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while the products have changed dramatically,

the job of curating music has never changed,
and it will never change.

Table 2. Job-To-Be-Done Based Market Definitions

A job-to-be-done is a constant that is

independent of products. This is true for
business-to-consumer (B2C), business-tobusiness (B2B), and medical markets.

Product

Job-To-Be-Done

Navigation App

Get to a local destination on time

CRM Software

Acquire new customers

Phlebotomy Tube

Obtain a blood sample

Marketplace

Buy/sell a used vehicle

Maintenance Software Ensure aircraft airworthiness

Table 2 demonstrates how any product-based

market can be re-defined based on the
customers job. For example, in a B2C market,
navigation apps are used by consumers to get
to a local destination on time, in a B2B market
maintenance software is used by maintenance
directors to ensure aircraft airworthiness, and a
phlebotomy tube is used by nurses to obtain a
blood sample in a medial market.

Table 3. Jobs-To-Be-Done Customer Needs

Reduce the time it takes to determine if an alternate route should be
taken to save time due to unexpected travel conditions.
Reduce the time it takes to confirm that the people to meet at the
destination will arrive on time
Reduce the time it takes to optimize the order errands should
completed along the route

For every job-to-be-done, customers (the job

executors) use a set of metrics to judge whether
or not they can execute the job quickly and
accurately. These metrics are the customer
needs. Customer needs for a job-to-be-done
can be written in a way that makes them
unambiguous and measurable for your product
team.
A customer need statement should be
structured with a direction of improvement (e.g.,
reduce or minimize), a metric (e.g., time or
likelihood), and a goal related to getting the job
done that is independent of any product or
solution.
For example, in the job of getting to a local
destination on time, consumers need a solution
to reduce the time it takes to determine if an
alternate route should be taken to save time due
to unexpected travel conditions. In the job of
ensuring aircraft airworthiness, maintenance

directors need to reduce the time it takes to

determine which optional maintenance items to
defer in order to fit the flight schedule.
These customer need statements are powerful
because: (i) they are independent of any
solution, (ii) they each have a metric (time) which
can be measured, and (iii) they each have a
clear goal that relates to getting the job done.
Table 3 illustrates three customer needs in the
job of getting to a local destination on time.
Every job-to-be-done has six or more job steps
and 50 to 150 dierent customer needs that are
independent of any product. For example, in the
job of getting to a local detonation on time, there
are 16 job steps and 101 customer needs. In
the job of ensuring aircraft airworthiness, there
are 14 job steps and 102 customer needs. All
the job steps and the customer needs for these
two jobs are shown in the examples at the end
of this white paper.
Good product management processes should
start with all of the customer needs as inputs

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that can be used by the product team

throughout the development process. The
training, services, and software from thrv are
designed to help product teams identify
quantifiable customer needs to significantly
reduce the risk of product failure.

Most product management processes lack the

ability to quantify and prioritize the customer
needs in the job. Ideas in the product pipeline
are usually prioritized by a combination of
company politics and often dysfunctional team
dynamics.

Growth Opportunities
To determine which customer needs are unmet,
we ask customers to rate the importance of
every customer need in the job-to-be-done. And
we ask customers to rate their satisfaction with
their ability to achieve each of the needs.
The percentage of customers who rate the need
as important gives us an importance score. For
example, if 97% of drivers say that reducing the
time it takes to determine if an alternate route
should be taken to save time due to unexpected
travel conditions is important, then this need
would have an importance score of 9.7. We use
the same method to calculate a satisfaction
score for each of the needs.

Good product management processes and

software should enable the product team to
prioritize the ideas based on the unmet
customer needs. thrv is designed so that ideas
are prioritized by the unmet customer needs
they satisfy.
Competitive Analysis
In traditional competitive analysis product teams
often compare product features to a
competitors features. But feature to feature
comparisons are an ineective way to identify
competitive weaknesses and threats for two
reasons.
Chart 1: Unmet Customer Needs

If customers rate the needs as important but not

very satisfied, then we know the market (the jobto-be-done) has unmet needs. An underserved
market has high importance and low satisfaction
levels. We calculate an opportunity score for a
customer need using a simple formula:
opportunity = importance + (importance satisfaction). A customer need with an
opportunity score greater than 10 is an unmet
need.
Chart 1 is an example plot of the importance
and satisfaction levels for customer needs in a
job-to-be-done. In this example, customers
would very likely switch to a new product that
helps them get the job done better because
they have underserved needs with high
importance and low satisfaction.

First, feature to feature competitive analysis

leaves out the most important input: unmet
customer needs. Customers dont want
features. They want to get the job done.
Eective competitive analysis quantifies how well
a competitors product feature satisfies the
customer needs in the job-to-be-done.

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For example, in the job of getting to a destination

on time, does a competitive feature help reduce
the time it takes to determine if an alternate route
should be taken to save time due to unexpected
travel conditions? If so, how much time does it
take? Can it be done faster and/or more
accurately?
Second, feature to feature competitive analysis
often doesnt identify new competitive threats
that can emerge from a dierent category of
products. Competitive threats often emerge from
unmet needs in a job that can be satisfied with
dierent technologies on a dierent product
platform.
For example, Microsoft launched an MP3 Player
(the Zune) to compete against Apples iPod. The
iPod and the Zune are similar product platforms:
a device with a hard drive and a connection to a
PC.
Apple and Microsoft failed to identify the
emerging competitive threat from a new product
platform (streaming services, e.g. Pandora and
Spotify) because they failed to recognize unmet
needs (e.g. reduce the time it takes to find a
new song for the mood) in the job-to-be-done
(curate music) to identify the competitive threats.
Jobs-to-be-done competitive analysis uses the
needs in the job to identify competitive threats
from emerging platforms.
For example, in the job of curating music,
customers need to reduce the time it takes to
find a new song for the mood. The iPod and the
Zune had similar features to satisfy this need
with the following steps:

1. Enter your song list.

2. Scroll through the song list.
3. Determine if the song is right for the mood.
4. Find/create the playlist for the mood.
5. Add the song to the playlist.
6. If no song is available, log into store.
7. Search for a song that fits the mood.
8. Sample song.
9. Repeat until a song is found.
10. Purchase song.
11. Find/create the playlist for the mood.
12. Add the song to the playlist.
With the iPod and the Zune, executing these
steps could take minutes, and in some cases a
consumer might not be able to do satisfy this
need at all if he or she didnt have any new
songs in the library that fit the mood or could not
find a song in the store to fit the mood.
This is why streaming services emerged to take
significant market share: because they satisfied
this need (and other unmet needs) faster.
Pandoras solution, for example, was simple and
fast: 1. enter a song for the mood and 2. click
play. Pandoras sophisticated music matching
algorithms satisfied this need to find a new song
for the mood faster and more accurately.
Most product management processes lack the
ability to help teams analyze how well the
competitions products address the 50 to 150
customer needs in the job-to-be-done. thrv
enables product teams to stay ahead of the
competition by identifying how your products
and your competitors products fail or succeed
at satisfying the unmet customer needs.
Market Sizing
The cassette, CD, and encyclopedia
markets were all once considered large markets,
but they no longer exist. Markets exist not

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because products are being sold to customers.

They exist because customers are struggling to
get a job done at a price they are willing to pay.
To size a market, we dont analyze the products
currently in the market. Instead, we ask
customers what they are willing to pay to get the
job done. We call the resulting number the
securable market.
A securable market is the revenue a company
can generate by helping customers get a job
done better. It helps you avoid targeting the
wrong market. Magellan lost its leadership in the
navigation device market and almost went
bankrupt because there is no navigation
device market (a product). There is a market for
getting to a local destination on time (the job-tobe-done).
As shown in Figure 1, the securable market is
the area under the need curve. This is a more
accurate representation of the total revenue that
can be generated by helping customers get the
job done at their willingness to pay, regardless of
the products they are using today.
Idea Generation
In traditional product development, teams often
start with brainstorming lots of new ideas. To
generate the most ideas, traditional
brainstorming has only one rule: there are no
bad ideas. Unstructured brainstorming is
inecient because the goal of idea generation is
not to generate more ideas. It is to generate only
the best ideas to satisfy the unmet customer
needs.
To generate the best ideas, a product
development process should have
unambiguous and quantifiable criteria to judge
the ideas. This is what most product

Figure 1:

management processes lack, yet it is critical to a

product teams success.
The criteria to judge an idea are, of course, the
unmet customer needs. For example, if you are
building an B2C app that helps a consumer get
to a local destination on time, your product team
can use the need to reduce the time it takes to
confirm that the people to meet at the
destination will be on time to generate and judge
product feature ideas. How much time does it
take a driver to determine if the people he or she
is meeting will be late? Can you create a feature
to satisfy this need automatically? The best idea
will take the least amount of time for the
customer and be extremely accurate.
Similarly, if your team is building B2B software to
help maintenance directors ensure aircraft
airworthiness, your product team can use the
need to reduce the time it takes to determine
which optional maintenance items to defer in
order to fit the flight schedule to generate and
judge product feature ideas. How much time
does it take to determine which items to defer to
fit the flight schedule? Is this process manual

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today? Can it be done automatically for

maintenance directors?

eective messages that will resonate with

customers.

If your product management process enables

your product team to use the customer needs
through the whole development process, you
will get and prioritize the best ideas in your
roadmap. thrv ensures that only the best ideas
enter the product pipeline because they are
judged against the unmet customer needs.

thrv enables teams to analyze competitors

messages against the needs and to create
messages that will dierentiate from the
competition based on satisfying the needs
better.

Messaging and Positioning

Positioning a product in a market and creating
messaging that will resonate with customers is
quicker and easier using the job-to-be-done and
its customer needs.
When messaging misses the mark, it is usually
because the message is focused on the
product and its features. For example, Magellan
messages that its RoadMate product has a
Wide-Angle Lens and a G-shock Sensor, both
sophisticated technologies.

Consumption and Emotion

People buy products to get functional jobs done.
But they also need to use the product. For
example, they need to interface with the
product, learn to use the product, and maintain
the product. These are all examples of
consumption jobs.
When customers are executing a functional job,
they also have emotional jobs to be satisfied. For
example, when a seller is trying to sell a used
car to another consumer, she wants to feel
trustworthy and avoid feeling unsafe. And she
wants to avoid being perceived as gullible by
buyers.

But how does a Wide-Angle Lens or a G-shock

Sensor help a driver get to a destination on
time? What need is it satisfying? If messaging
describes the product features or technology,
the customer has to figure out on their own how
(and if) the features help them get the job done
better.
Messaging based on satisfying the job-to-bedone is easier for customers to understand. And
because the needs in the job-to-be-done are
prioritized based on importance and satisfaction,
you can create messages based on the most
underserved customer needs in your market.
If your product management processes focuses
on your the unmet needs in your customers job,
your marketing team will be able to create more

Good product management software should

enable teams to use consumption and
emotional jobs in connection with the customer
needs. thrv enables a product team to use
functional, consumption and emotional jobs to
create products that are easy to use and
messaging that will resonate with customers.
Value Add & Revenue
Before any product development begins, a
product team needs to estimate the revenue
and growth the new product or features will
generate. How do you know if a new idea for a
product or feature will generate enough
revenue? How do you know you will take market
share from competitors?

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Figure 2:

Companies gain market share by adding more

value to customers, i.e. by helping them get a
job done better. We define value add as change
in satisfaction levels for the unmet customer
needs. For example, in the job of selling a used
vehicle, if the need to reduce the time it takes to
determine which potential buyers are financially
qualified to purchase the vehicle has a
satisfaction level of only 2.2 (meaning only 22%
of sellers are satisfied), then a new solution that
quickly and automatically determines a buyers
qualifications will likely increase customer
satisfaction and add value in the market.
Figure 2 illustrates a projected market-share and
revenue distribution based on the value added
by satisfying unmet customer needs.
Good product management processes should
enable a product team to more accurately
estimate the potential revenue a new product or
features will generate. thrv enables a product
team to project revenue based on the unmet
customer needs, the willingness-to-pay to get
the job done, the competitors value, and the
customer satisfaction with getting the job done.

6. How to generate product and feature ideas

to get the job done better and satisfy the
unmet customer needs.
7. How to competitively price a product using
the customers job-to-be-done.
8. How to generate messages that will
resonate based on the job-to-be-done.
9. How to prioritize and build a high-growth
roadmap that will beat the competition in the
market.

thrv Training
With thrv, your product team will receive in-depth
jobs-to-be-done training, including:
1. How to define the customers job-to-bedone correctly and how to define the
customer.
2. How to conduct jobs-to-be-done customer
interviews to identify customer needs.
3. How to survey customers to quantify which
needs in the job-to-be-done are unmet.
4. How to segment customers based on the
job-to-be-done.
5. How to identify competitor weaknesses
using the needs in the job-to-be-done.
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unambiguous and actionable metrics that

customers use to judge product satisfaction.
thrv was created from Jays years of experience
working with CEOs, boards, and product teams
in a diverse range of industries from B2B to B2C
to medical.

Jay Haynes
thrv Founder & CEO
thrv was founded by Jay Haynes, an awardwinning entrepreneur and an executive with 25
years of software and investing experience.
thrv is the result of Jays work using jobs-to-bedone methods with product teams at Fortune
500 corporations, private-equity sponsored
companies, and venture-backed start-ups.
With a wide range of experience from working
as an investment professional at legendary
private equity firm GTCR to working as a product
manager at Microsoft to serving as CEO of
Strategyn, Jay has seen first-hand the problems
that executives and product teams confront
when trying to satisfy customers and generate
growth and equity value for shareholders.
Jay is an innovation thought-leader who has
contributed significant advancements to jobs-tobe-done methods. Jays advancements enable
product teams to dramatically increase their
eectiveness in using jobs-to-be-done to reduce
roadmap risk, accelerate revenue growth, and
generate superior equity value.
Jobs-to-be-done product management helps
CEOs align their product teams with customers
and focus their companys product development
on exploiting competitor weaknesses from the
view of the customer.

While at the Harvard Business School, Jay

studied with Clay Christensen, who pioneered
the concept of disruption and popularized the
jobs-to-be-done innovation method.
While serving as an Adjunct Professor at the
Presidio School of Management, Jay developed
methods to train executives and product
managers to use jobs-to-be-done eectively.
Before founding thrv, Jay served as CEO of
Strategyn, where he worked with some of the
worlds leading companies to transform their
product management into a customer-centric,
jobs-to-be-done process.
Jay graduated Phi Beta Kappa with highest
honors from Brown University, and he received
his MBA with distinction from Harvard Business
School.

Contact Info
Jay Haynes can be reached at:
jay@thrv.com
(415) 727-1885
linkedin.com/in/jayhaynes

Jobs-to-be-done is the best way for CEOs and

company boards to assess and mitigate product
roadmap risk because it reveals the
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thrv
The following is an example of a fully analyzed business-to-consumer job-to-be-done (JTBD) with a
complete set of jobs steps and customer needs. thrv provides jobs-to-be-done training, services, and
software to product teams. JTBD helps product teams identify unmet customer needs, identify
competitor weaknesses and threats, and build high-growth product roadmaps.
The included thrv White Paper explains the jobs-to-be-done framework and method in more detail.
Example
Job-to-be-done: Get to a local destination on time
Job executors: Consumers
Job steps: 16
Customer Needs: 101
Source: United States 8,521,407 IssuedAugust 27, 2013
Job Step 1:
Estimate the departure time
1. Reduce the time it takes to determine the address of the destination
2. Reduce the time it takes to determine the required arrival time
3. Reduce the time it takes to determine the time it will take to reach the destination
4. Reduce the time it takes to determine how long it will take to find parking at the destination
5. Reduce the time it takes to determine the arrival time in a dierent time zone
6. Reduce the time it takes to determine if the destination can be reached on time
Job Step 2:
Determine how much time to allow for vehicle preparation
7. Reduce the time it takes to determine how much time is needed to walk to the vehicle
8. Reduce the time it takes to determine how much time is needed to clean o the vehicle
9. Reduce the time it takes to determine if vehicle maintenance is required before the departure
10. Reduce the time it takes to determine if the vehicle can hold items required for the trip
Job Step 3:
Determine how much time to allow for atypical travel conditions
11. Reduce the time it takes to determine how much time is needed to deal with atypical weather
conditions

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12. Reduce the time it takes to determine how much time is needed to deal with atypical trac
conditions
13. Reduce the time it takes to determine how much time is needed to deal with atypical parking
conditions
Job Step 4:
Determine how much time to allow for errands along the way
14. Reduce the time it takes to determine what errands can be completed along the route
15. Reduce the time it takes to prioritize the errands that can be completed along the route
16. Reduce the time it takes to determine how much time is needed to compete each errand
17. Reduce the likelihood of failing to plan an errand that could have been completed on the route
Job Step 5:
Set the route
18. Reduce the time it takes to determine the route to the destination
19. Reduce the likelihood that the route fails to meet the travelers preferences
20. Reduce the likelihood that all route options are not considered when setting the route
21. Reduce the likelihood that road modifications are not considered when setting the route
22. Reduce the likelihood of routine trac is not considered when setting the route
23. Reduce the likelihood that the selected route leads to the wrong destination
Job Step 6:
Plan the stops
24. Reduce the time it takes to optimize the order errands should completed along the route
25. Reduce the time it takes to determine where to stop to complete the errands
26. Reduce the number of stops that must be made to complete the errands
27. Reduce the time it takes to determine the route to complete the errands
28. Reduce the amount of time that is added to the drive in order to complete the errands
29. Reduce the likelihood of selecting a location to complete an errand that is closed
30. Reduce the likelihood of selecting a location to complete errand that does not have what is
needed
31. Reduce the likelihood of selecting a location to complete an errand that has a long wait
32. Reduce the likelihood of selecting a location to complete an errand that takes does not have
parking

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Job Step 7:
Set the departure time
33. Reduce the time it takes to determine how much time to allow to get to the destination
34. Reduce the time it takes to determine how much time to allow for vehicle preparation
35. Reduce the time it takes to determine how much time to allow for atypical travel conditions
36. Reduce the time it takes to determine how much time to allow for errands
37. Reduce the time it takes to determine the required departure time
38. Reduce the likelihood of failing to be informed of a change in the required departure time
Job Step 8:
Decide whether or not to make the drive
39. Reduce the time it takes to determine how much time is needed to get ready before departure is
required
40. Reduce the time it takes to determine what errands can be complete given the amount of time that
is available
41. Reduce the time it takes to determine if there is enough time available to get ready before the
required departure time
Job Step 9:
Walk to the vehicle
42. Reduce the time it takes to find the keys to the vehicle
43. Reduce the time it takes to find where the vehicle is parked
44. Reduce the likelihood of forgetting to bring needed items
45. Reduce the time it takes to confirm that the location is secured before leaving
Job Step 10:
Prepare the vehicle for the drive
46. Reduce the time it takes to set the vehicles cabin temperature to a comfortable level
47. Reduce the time it takes to clean o the windows to ensure visibility
48. Reduce the time it takes to unload unnecessary items from the vehicle
49. Reduce the time it takes to load needed items into the vehicle
50. Reduce the time it takes to set the vehicle features for use
51. Reduce the time it takes to load children into the vehicle

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Job Step 11:
Drive to the destination
52. Reduce the time it takes to confirm that the correct route is being followed
53. Reduce the likelihood of getting lost
54. Reduce the likelihood of missing a turn
55. Reduce the likelihood of getting cited for a trac violation
56. Reduce the likelihood of encountering an unplanned delay
57. Reduce the likelihood of traveling in a slower lane
58. Reduce the likelihood of making driving decisions that add to the driving time
59. Reduce the time it takes to determine if it is possible to complete an additional errand
60. Reduce the likelihood of having to make an unplanned stop
Job Step 12:
Make planned stops along the way
61. Reduce the likelihood of making a driving mistake when making a planned stop.
62. Reduce the likelihood of making a planned stop that would delay the required arrival time
63. Reduce the time it takes to find a parking place when making a planned stop
64. Reduce the likelihood of making a driving mistake when returning to the main roadway after a
planned stop
Job Step 13:
Assess if the destination will be reached on time
65. Reduce the time it takes to determine how changes in travel conditions along the selected route
will impact the arrival time
66. Reduce the time it takes to determine if planned stops are taking longer than planned to complete
67. Reduce the time it takes to determine if a delay being experienced was taken into consideration
when setting the route
68. Reduce the time it takes to determine what speed to maintain to ensure an on-time arrival
69. Reduce the time it takes to obtain an updated estimated arrival time at any point during the route
70. Reduce the time it takes to confirm that the people to meet at the destination will arrive on time
71. Reduce the likelihood of making poor driving decisions when it appears the arrival time will be
impacted

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Job Step 14:
Reset the route as needed
72. Reduce the time it takes to determine what errands can still be completed if the drive is taking
longer than expected
73. Reduce the time it takes to determine if an alternate route should be taken to save time due to
unexpected travel conditions
74. Reduce the time it takes to determine how much travel time will be saved using possible alternate
routes
75. Reduce the time it takes to determine where to make planned stops when taking an alternative
route
76. Reduce the time it takes to determine if planned errands can still be completed when taking an
alternate route
77. Reduce the time it takes to add/remove an errand to/from the route sequence
78. Reduce the time it takes to reset the route as a result of an unplanned stop
79. Reduce the time it takes to take to determine which alternative route to select
80. Reduce the likelihood of having to stop the vehicle to reset the route
81. Reduce the time it takes to recalculate the expected arrival time after changes have been made to
the route
82. Reduce the time it takes to inform aected parties of a late arrival
83. Reduce the time it takes to confirm that the aected parties will be available to meet given the new
arrival time
Job Step 15:
Park the vehicle
84. Reduce the time it takes to find a parking place close to the final destination
85. Reduce the likelihood of getting a parking ticket
86. Reduce the likelihood of having to move the vehicle from the parking place before it is time to leave
87. Reduce the likelihood of getting towed from a parking place
88. Reduce the time it take to determine the cost of parking the vehicle
89. Reduce the time it takes to pay for parking
90. Reduce the likelihood of not being able to retrieve the parked vehicle when it is needed
91. Reduce the likelihood of parking in a location where the vehicle gets boxed into the parking place
92. Reduce the likelihood of parking in a location where the vehicle gets damaged
93. Reduce the likelihood of parking in a location where the vehicle gets burglarized

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94. Reduce the likelihood of parking in a location where it is required to walk through a bad
neighborhood to get to the final destination
Job Step 16:
Walk to the destination
95. Reduce the time it takes to unload the vehicle after parking
96. Reduce the time it takes to find a restroom after parking the vehicle
97. Reduce the time it takes to figure out how to get to the final destination from the parked vehicle
98. Reduce the time it takes to walk to the final destination after parking
99. Reduce the time it takes to carry all needed items to the final destination after parking
100. Reduce the time it takes to clear building security
101. Reduce the time it takes to figure out how to get back to the parked vehicle

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The following is an example of a fully analyzed business-to-business job-to-be-done (JTBD) with a
complete set of jobs steps and customer needs. thrv provides jobs-to-be-done training, services, and
software to product teams. JTBD helps product teams identify unmet customer needs, identify
competitor weaknesses and threats, and build high-growth product roadmaps.
The included thrv White Paper explains the jobs-to-be-done framework and method in more detail.
Example
Job-to-be-done: Ensure the airworthiness of an aircraft
Job executors: Aircraft Maintenance Directors
Job steps: 14
Customer Needs: 102
Source: 84 interviews of Aircraft Maintenance Directors
Job Step 1:
Determine an aircraft maintenance requirements
1. Reduce the time it takes to determine the manufacturers inspection requirements, e.g. what parts
require inspection, frequency of inspection, etc.
2. Reduce the time it takes to determine the FAAs inspection requirements, e.g. what parts require
inspection, frequency of inspection, etc.
3. Reduce the time it takes to determine any maintenance requirements specified by the owner/
operator, e.g. maintenance requirements that are not required by the manufacturer or the FAA
4. Reduce the time it takes to determine the parts on an aircraft that are not part of the aircrafts
original type certificate
5. Reduce the time it takes to determine the inspection requirements for supplemental completion
items, e.g., emergency lighting, oxygen bottles, microwaves, etc.
6. Reduce the time it takes to determine maintenance requirements for the parts of an aircraft where
a manufacturer has not fully documented requirements e.g. corrosion guidelines for an older
aircraft
7. Reduce the likelihood of being unaware of a change in the manufacturers inspection requirements
e.g., added directives, one-time directives, etc.
8. Reduce the likelihood of being unaware of a change in the FAAs inspection requirements e.g.,
added directives, one-time directives, etc.
9. Reduce the likelihood of misinterpreting a maintenance requirement
10. Reduce the time it takes to consolidate requirements from multiple sources

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Job Step 2:
Track an aircrafts utilization
11. Reduce the time it takes to determine how many hours have been logged on the aircraft, e.g. flight
hours, engine hours, APU hours
12. Reduce the time it takes to determine the number of landings the aircraft has made
13. Reduce the likelihood of incorrectly predicting aircraft utilization prior to the next inspection, e.g.
landing, flight hours, etc.
14. Reduce the time it takes to determine the number of flights that are planned prior to the next
inspection
15. Reduce the likelihood of error when recording aircraft utilization data
16. Reduce the time it takes to transfer data from flight logs to maintenance system
17. Reduce the likelihood of error when transferring aircraft utilization data from the logbook to a
maintenance tracking system
Job Step 3:
Determine upcoming inspection requirements
18. Reduce the time it takes to determine which parts require an upcoming inspection, e.g. avionics,
gear, parts, etc.
19. Reduce the likelihood of failing to identify a part that requires an upcoming inspection
20. Reduce the likelihood of failing to inspect a part before it times-out
21. Reduce the frequency with which the aircraft is out of service due to parts having dierent
inspection cycle times
Job Step 4:
Determine upcoming maintenance items
22. Reduce the time it takes to identify what parts require maintenance
23. Reduce the time it takes to determine the downtime required for aircraft maintenance
24. Reduce the likelihood of failing to identify an item that requires maintenance
25. Reduce the time it takes to determine which optional maintenance items to defer in order to fit the
flight schedule, e.g., to reduce plane down time, etc.
Job Step 5:
Determine unscheduled maintenance issues
26. Reduce the time it takes to determine the cause of discrepancy as described by a pilot, e.g.,
understand and diagnose the issue based on pilots description, etc.

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27. Reduce the likelihood that a maintenance discrepancy is not communicated to the mechanic e.g.
by the pilot
28. Reduce the time it take to discover a possible unscheduled maintenance issue
29. Reduce the time it takes to diagnose a possible unscheduled maintenance issue
30. Reduce the likelihood that an unscheduled maintenance issue disrupts a planned flight
31. Reduce the likelihood that an unscheduled maintenance issue grounds an aircraft at a location
where no appropriate service is located
32. Reduce the time that an aircraft is grounded for an unscheduled maintenance
33. Reduce the time it takes to predict a parts actual maintenance schedule versus the
manufacturers maintenance schedule
34. Reduce the likelihood of causing passengers undue concern when a maintenance issue is
discovered in-flight
Job Step 6:
Determined needed parts
35. Reduce the time it takes to determine what parts are needed
36. Reduce the time it takes to verify that needed parts will be available when needed at maintenance
site
37. Reduce the time it takes to determine the cost of the part that needs to be replaced
38. Reduce the time it takes to determine if a refurbished part should be purchased
39. Reduce the time it takes to locate the required part for purchase
40. Reduce the likelihood of ordering a wrong part
41. Reduce the time it takes to resolve a discrepancy between the manufacturers and suppliers part
number for the same part e.g. a supplier has the dash eight version when the manufacturers
manual lists the dash three version
42. Reduce the time it takes to order a needed part
43. Reduce the likelihood that a delivered part does not meet the maintenance requirements
Job Step 7:
Determine the scope of work
44. Reduce the time it takes to gather the information needed to request a quote
45. Reduce the time it takes to determine if the manufacturer already has the design plans being
requested for repair e.g. they have been created for another aircraft owner
46. Reduce the likelihood that the estimated time for maintenance completion is inaccurate
47. Reduce the time it takes to update the scope of work e.g., add or subtract items to comply with
an airworthiness requirement, etc.

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48. Reduce the likelihood that an unexpected bulletin from the manufacturer cannot be covered under
a scheduled inspection
49. Reduce the time it takes to communicate inspection/maintenance requirements to the service
provider, e.g., what inspections are needed, what parts are required, etc.
Job Step 8:
Schedule an aircraft for service
50. Reduce the likelihood that the aircraft overflies maintenance requirements
51. Reduce the time it takes to coordinate the maintenance schedule with the flight schedule
52. Reduce the likelihood that the flight schedulers are unaware of scheduled maintenance
53. Reduce the time it takes to identify alternative flying solutions for the organization while an aircraft is
out for maintenance, e.g. find back-up aircraft, rent charter aircraft etc.
54. Reduce the likelihood that changes in the flight schedule require maintenance to be rescheduled
55. Reduce the time it takes to develop maintenance contingency plans, e.g. to cover a delay, to
cover parts not available, etc.
56. Reduce the time it takes to provide an aircrafts maintenance records to the maintenance provider
57. Reduce the time it takes to fly the aircraft from its last point of service to the maintenance service
providers facility
58. Reduce the likelihood that the maintenance service provider cannot accommodate the preferred
schedule
59. Reduce the time it takes to choose a facility that can take care of all the maintenance / inspection
requirements
Job Step 9:
Confirm the maintenance schedule
60. Reduce the time it takes to confirm that the maintenance activities that are scheduled will be
completed on time
61. Reduce the likelihood that the maintenance schedule is inaccurate, e.g. too short or too long
62. Reduce the likelihood that the maintenance service provider is unaware of all the service
requirements in the scope of work
63. Reduce the likelihood that the maintenance service provider cannot provide the maintenance
according to the schedule
64. Reduce the likelihood that the maintenance service provider is not prepared for the aircraft arrival

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Job Step 10:
Deliver an aircraft to a maintenance site
65. Reduce the time it takes to determine if a pilot has the flight hours available to fly the aircraft to the
maintenance site
66. Reduce the likelihood that a crew time-out makes crew unavailable to fly aircraft to maintenance
site
67. Reduce the time it takes to coordinate lodging for crew who remain on site with the aircraft at a
remote maintenance site
68. Reduce the time it takes to coordinate getting the flight crew who are not staying with the aircraft
back from a remote maintenance site
69. Reduce the likelihood of failing to have all documentation available at the inspection site, e.g.,
modification forms, log books, tracking information, etc.
Job Step 11:
Monitor maintenance activities
70. Reduce the time it takes to verify that all required maintenance has been performed
71. Reduce the time it takes to determine if the maintenance has been performed to the requirements
72. Reduce the likelihood of failing to identify the cause of a maintenance issue
73. Reduce the time it takes to find a solution to squawk found during a maintenance event
74. Reduce the time it takes to approve/disapprove the repair of a squawk found during the inspection
process
75. Reduce the time it takes to approve/disapprove the replacement of a part that unexpectedly needs
replacement
76. Reduce the time it takes to coordinate the repair of a squawk in the maintenance schedule
77. Reduce the likelihood that a solution to a squawk found during a maintenance event extends the
length of time the plane is grounded
78. Reduce the time it takes to confirm that the needed number of maintenance technicians are
working on the aircraft, e.g. they are not reassigned, etc.
Job Step 12:
Inspect aircraft documentation
79. Reduce the time it takes to enter a maintenance item into the maintenance logbook
80. Reduce the likelihood that the maintenance logbook entries are not recorded in a format consistent
with previous maintenance logbook entries for the aircraft
81. Reduce the time it takes to verify that a maintenance logbook entry does not have errors
82. Reduce the likelihood that completed maintenance activities are not entered into the maintenance
logbook
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83. Reduce the time it takes to cross-check a maintenance logbook entry with supporting
documentation
84. Reduce the likelihood that supporting documentation for a maintenance activity is not entered into
the maintenance logbook
85. Reduce the time it takes to verify compliance with maintenance manuals, regulations, etc.
86. Reduce the likelihood that the maintenance logbook is not compliant with FAA regulations, e.g.
missing logbook sign-os, incorrect serial numbers or part numbers etc.
87. Reduce the time it takes to determine that the right inspection was completed for the right FAA
regulation, e.g. Part 91 or 135
88. Reduce the time it takes to resolve any discrepancies found in the maintenance logbook entries
89. Reduce the time it takes to transfer maintenance data from the maintenance logbook to
maintenance tracking software
90. Reduce the likelihood that the maintenance data is not transferred to the maintenance tracking
software in a timely manner
91. Reduce the likelihood that transcription errors occur when transferring maintenance data from the
maintenance logbook to maintenance tracking software
92. Reduce the time it takes to archive the aircrafts maintenance documentation
Job Step 13:
Resolve any maintenance discrepancies
93. Reduce the likelihood that a maintenance item must be deferred at the end of the service
94. Reduce the likelihood that an inspection item must be deferred at the end of the service
95. Reduce the likelihood that a maintenance service provider cannot resolve a maintenance
discrepancy, e.g. the aircraft has to be take to an alternative provider
96. Reduce the likelihood that a maintenance activity causes a residual problem, e.g. a newly installed
fastener causes a vibration
97. Reduce the time it takes to detect minor damage to the aircraft that occurred during the
maintenance process, e.g., hanger rash, etc.
Job Step 14:
Put aircraft back into service
98. Reduce the likelihood that the interior of the aircraft is not client-ready when delivered e.g. toilet
paper not stocked, circuit breakers out, manuals in a dierent place, etc.
99. Reduce the likelihood that the exterior of the aircraft is not client-ready when delivered e.g. dirty,
greasy, scratched, etc.
100.Reduce the time it takes to resolve any discrepancies on the final maintenance bill for the
maintenance performed

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101.Reduce the likelihood of an unanticipated expense on the final maintenance bill
102.Reduce the time it takes to update the aircrafts crew on a change that may have occurred e.g.
teach pilot how new systems work

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The following is an example of a fully analyzed business-to-business job-to-be-done (JTBD) with a
complete set of jobs steps and customer needs. thrv provides jobs-to-be-done training, services, and
software to product teams. JTBD helps product teams identify unmet customer needs, identify
competitor weaknesses and threats, and build high-growth product roadmaps.
The included thrv White Paper explains the jobs-to-be-done framework and method in more detail.
Example
Job-to-be-done: Invest in a private equity fund
Job executors: Limited Partners
Job steps: 16
Customer Needs: 138
Source: 43 interviews of limited partners
Job Step 1:
Determine the investment objectives
1. Reduce the time it takes to gather the information required to determine investment objectives, e.g.
inputs from capital providers, stakeholders, etc.
2. Reduce the time it takes to analyze the information required to determine investment objectives,
e.g. to coordinate with investment sta, manage the analysis process, etc.
3. Reduce the likelihood that information relevant to determining the investment objectives is
inaccurate, e.g. is out of date, incomplete, or misleading.
4. Reduce the time it takes to obtain approval of the investment objectives, e.g. from a board,
committee, group, individuals, etc.
5. Reduce the likelihood that the investment objectives are not approved, e.g. by a board,
committee, group, individuals, etc.
6. Reduce the time it takes to gain agreement on changes to the investment objectives, e.g. from a
board, committee, group, individuals, etc.
Job Step 2:
Determine the acceptable level of risk for an investment in a private equity fund
7. Reduce the time it takes to determine the risks to consider, e.g. capital risk, liquidity risk, market
risk, currency risk, etc.
8. Reduce the time it takes to gather the information required to determine the level of risk, e.g. to get
information on the required investment returns or the current portfolio construction.

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9. Reduce the time it takes to analyze the information required to determine the acceptable level of
risk, e.g. to coordinate with investment sta, manage the analysis process, etc.
10. Reduce the likelihood that information relevant to determining the acceptable level of risk is
inaccurate, e.g. is out of date, incomplete, or misleading.
11. Reduce the likelihood of giving a specific risk more or less weight that it deserves, e.g. to be
wrong about the importance of liquidity risk vs. market risk, etc.
12. Reduce the time it takes to obtain approval of the acceptable level of risk, e.g. from a board,
committee, group, individuals, etc.
13. Reduce the likelihood that the acceptable level of risk is not approved, e.g. by a board, committee,
group, individuals, etc.
14. Reduce the likelihood that the acceptable level of risk is higher or lower than necessary to meet
the investment objectives.
15. Reduce the likelihood that the implications of a risk cannot be qualitatively explained to others, e.g.
explain the liquidity implications if the market drops 40% or explain a subjective feeling about a risk
to a board or committee, etc.
Job Step 3:
Determine the investment criteria for an investment in a private equity fund
16. Reduce the time it takes to determine which investment criteria to consider in order to meet the
investment objectives, e.g. financial leverage, stage of investments, track record of the managers,
etc
17. Reduce the time it takes to gather the information required to determine the investment criteria,
e.g. information about the debt markets that may aect financial leverage, etc.
18. Reduce the time it takes to prioritize the investment criteria, e.g. to determine if the use of leverage
is more important than the stage of investment
19. Reduce the likelihood of failing to consider an investment criterion that is relevant to meeting the
investment objectives, e.g. the use of leverage, etc.
20. Reduce the time it takes to obtain approval of the investment criteria, e.g. from a board,
committee, group, individuals, etc.
21. Reduce the likelihood that the investment criteria are not approved, e.g. by a board, committee,
group, individuals, etc.
22. Reduce the time it takes to gain agreement on changes to the investment criteria, e.g. from a
board, committee, group, individuals, etc.
Job Step 4:
Identify private equity funds
23. Reduce the time it takes to determine the type of fund to invest in, e.g. direct or fund of funds.

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24. Reduce the time it takes to identify funds of possible interest that are currently raising capital in the
market.
25. Reduce the number of sources that must be checked to identify funds of possible interest.
26. Reduce the time it takes to determine when a fund of possible interest will likely be available.
27. Reduce the time it takes to determine if access is available to a fund of possible interest.
28. Reduce the likelihood of being unaware of a fund of possible interest.
29. Reduce the likelihood that a fund of possible interest is no longer open to new capital.
30. Reduce the likelihood that a fund of possible interest is not available for a specific type of investor,
e.g. an individual or a public pension
31. Reduce the time it takes to understand the investment strategy for a fund of possible interest, e.g.
will the fund be leveraged, focus on growth, early stage, etc.
32. Reduce the time it takes to gather the necessary information to compare dierent funds of possible
interest.
33. Reduce the amount of information that needs to be gathered to compare dierent funds of
possible interest.
34. Reduce the likelihood that information about a fund of possible interest cannot be obtained.
35. Reduce the likelihood that information about a fund of possible interest is inaccurate.
36. Increase the likelihood that funds that are identified are representative of the funds in the market,
e.g. the identified funds do not have selection bias based on the method of identifying them.
37. Reduce the time it takes to eliminate funds of possible interest from consideration, e.g. funds that
do not meet the investment criteria.
Job Step 5:
Evaluate the private equity fund manager
38. Reduce the time it takes to determine the criteria to use to evaluate a potential fund manager, e.g.
their track record, their deal flow, their fund investment thesis, etc.
39. Reduce the time it takes to gather the information needed to evaluate a potential fund manager,
e.g. details about the capital invested and the capital returned by the manager in the past, how
they sourced their deals, etc.
40. Reduce the time it take to prioritize the criteria used to evaluate a potential fund manager, e.g. deal
flow, management fees, track record, etc.
41. Reduce the time it takes to analyze the information required to evaluate a potential fund manager,
e.g. to coordinate with investment sta, manage the analysis process, etc.
42. Reduce the likelihood that the information gathered to evaluate the fund manager is inaccurate,
e.g. out of date, incomplete, misleading, etc.
43. Reduce the likelihood that evaluation of the fund manager cannot be quantified, e.g. cannot be
ranked or score against other managers.

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44. Reduce the likelihood that the evaluation of the fund manager cannot be explained to others, e.g.
a board or committee.
45. Reduce the time it takes to reconcile conflicting information used to evaluate the fund manager.
Job Step 6:
Confirm with stakeholders that the fund will meet the investment objectives
46. Reduce the time it takes to explain to the stakeholders that the fund will meet the investment
objectives.
47. Reduce the likelihood that the stakeholders misunderstand how the fund will meet the investment
objectives.
48. Reduce the time it takes to identify the source of a stakeholder's concerns about the fund meeting
the investment objectives.
49. Reduce the time it takes to address the concerns of the stakeholders who do not agree that the
fund will meet the investment objectives.
50. Reduce the time it takes to gain agreement from the stakeholders that the fund will meet the
investment objectives.
51. Reduce the likelihood that the stakeholders do not agree that the fund will meet the investment
objectives.
Job Step 7:
Confirm with stakeholders that the fund will not exceed the acceptable level of risk
52. Reduce the time it takes to explain to the stakeholders that the fund will not exceed the acceptable
level of risk.
53. Reduce the likelihood that the stakeholders misunderstand why the fund will not exceed the
acceptable level of risk.
54. Reduce the time it takes to identify the source of a stakeholder's concerns about the fun
exceeding the acceptable level of risk.
55. Reduce the time it takes to address the concerns of the stakeholders who do not agree that the
fund will not exceed the acceptable level of risk.
56. Reduce the time it takes to gain agreement from the stakeholders that the fund will not exceed the
acceptable level of risk.
57. Reduce the likelihood that the stakeholders do not agree that the fund will not exceed the
acceptable level of risk.
Job Step 8:
Confirm with stakeholders that the fund meets the investment criteria
58. Reduce the time it takes to explain to the stakeholders that the fund meets the investment criteria.
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59. Reduce the likelihood that the stakeholders misunderstand why the fund meets the investment
criteria.
60. Reduce the time it takes to identify the source of a stakeholder's concerns about the fun meeting
the investment criteria.
61. Reduce the time it takes to address the concerns of the stakeholders who do not agree that the
fund meets the investment criteria.
62. Reduce the time it takes to gain agreement from the stakeholders that the fund meets the
investment criteria.
63. Reduce the likelihood that the stakeholders do not agree that the fund meets the investment
criteria.
Job Step 9:
Determine the size of the capital allocation to the fund
64. Reduce the time it takes to determine how much capital is available to allocate to the fund, e.g.
asset allocation targets, current liquidity, cash on hand, etc.
65. Reduce the time it takes to determine the total capital that is currently allocated to private equity
funds, e.g. in venture, buyout, real estate.
66. Reduce the time it takes to determine how the allocation to the fund will impact the risk of the
investment portfolio.
67. Reduce the time it takes to determine the allocation's percentage of the total investment portfolio.
68. Reduce the likelihood that the allocation's percentage of the total investment portfolio will exceed
an acceptable level.
69. Reduce the likelihood that capital is not available to allocate to a desired fund.
70. Reduce the time it takes to determine how the net cash flow of the current investment portfolio will
impact the ability to meet the capital calls of the fund.
71. Reduce the time it takes to determine the schedule of capital calls the fund will require, e.g. to get
estimates from the manager about the capital calls.
72. Reduce the likelihood that the schedule of capital calls the fund will require is dierent than
projected, e.g. too much capital is called too quickly.
73. Reduce the time it takes to determine the schedule of the cash distributions that the fund will
generate.
74. Reduce the likelihood that the schedule of the cash distributions the fund will generate is dierent
than projected.
75. Reduce the likelihood that the cash distributions the fund will generate will be lower than projected.
76. Reduce the time it takes to determine how the capital allocation to the fund will impact allocations
to other desired fund investments in the pipeline.

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77. Reduce the time it takes to determine what percentage the capital allocation to the fund will be of
the fund manager's total capital under management.
78. Reduce the likelihood that capital allocated to the fund manager exceeds an acceptable
percentage of the fund manager's total capital under management.
79. Increase the likelihood that the fund accepts the capital allocation, e.g. the fund doesn't reduce the
allocation because it is oversubscribed.
Job Step 10:
Approve the allocation to the fund
80. Reduce the likelihood that the allocation to the fund is not approved, e.g. by a board, committee,
or group.
81. Reduce the time it takes to gather the necessary information to obtain approval for the allocation to
the fund.
82. Reduce the time it takes to prepare the necessary information to obtain approval for the allocation
to the fund.
83. Reduce the likelihood that the stakeholders misunderstand the investment recommendation.
84. Reduce the time it takes to explain the investment recommendation to the stakeholders.
85. Reduce the time it takes to identify the source of the stakeholders concerns about the investment
recommendation.
86. Reduce the time it takes to address the concerns of the stakeholders who do not agree with the
investment recommendation.
87. Reduce the time it takes to gain agreement on the investment recommendation from the
stakeholders.
88. Reduce the likelihood that the size of the capital allocation to the fund is not approved.
89. Reduce the likelihood that the approval process required to invest in the fund results in missing the
investment opportunity, e.g. the board meets quarterly, but the desired fund will be closed before
the next meeting.
90. Reduce the likelihood that the allocation approval process is undisciplined, e.g. the investment
committee doesn't factor in the analysis provided or use the investment criteria to make the
approval decisions.
Job Step 11:
Negotiate the terms of the fund subscription agreement
91. Reduce the time it takes to determine which fund terms can be negotiated.
92. Reduce the likelihood that that the fund's terms cannot be negotiated.
93. Reduce the time it take to determine if the fund terms are competitive with other funds in the
market.

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94. Reduce the likelihood that other limited partners receive better terms.
95. Reduce the time it takes to obtain acceptance from the fund manager to invest in the fund.
96. Reduce the likelihood that the fund manager does not accept the allocation as a result of the
negotiating process.
97. Reduce the time it takes to find legal counsel with experience negotiating fund terms.
98. Reduce the likelihood that legal fees to negotiate the terms are unreasonable.
99. Increase the likelihood that the required legal counsel can be obtained.
100.Reduce the time it takes to complete the documentation needed to fund the investment, e.g. the
subscription documents.
Job Step 12:
Fund capital calls from the fund
101. Reduce the time it takes to verify the size of the capital call, e.g. make sure that the capital called
is the correct amount according to the fund agreement.
102. Reduce the likelihood that the funding for the capital call is executed incorrectly, e.g. the wrong
amount is funded, the wrong account is used, the capital is sent to the wrong fund, etc.
103. Reduce the likelihood that the timing of the capital calls negatively impacts the IRR for the limited
partners, e.g. the funds are called too early.
104. Reduce the likelihood that the capital calls are made on too short notice.
105. Reduce the likelihood that the capital calls exceed the amount agreed to in the fund agreement,
e.g. there is a mistake in the capital call based on the percentage of the fund.
Job Step 13:
Monitor the fund
106. Reduce the time it takes to determine the current valuation of the fund.
107. Reduce the time it takes to obtain information that may have an impact on the fund's
performance, e.g. news about an underlying investment, changes to the fund's management team
or strategy, etc.
108. Reduce the likelihood that the information about the fund's performance is incorrect, e.g. the
valuations are too high.
109. Reduce the likelihood that the information about the fund's performance is inaccurate.
110. Reduce the likelihood that information aecting the fund's investments is not disclosed, e.g., the
fund changes strategy, experiences high turnover, etc.
111. Reduce the likelihood that the fund becomes overcommitted, e.g. the manager commits more
capital than was raised in the fund.
112. Reduce the time it takes to determine the risk of defaulting on future capital calls to the fund, e.g.
to determine if it is worth it to continue investing in the fund.
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113. Reduce the likelihood that the fund investment becomes diluted, e.g. new investors have a
liquidity preference over older investors in the fund.
114. Reduce the likelihood that the information received from the fund manger about the performance
diers in presentation format from other fund managers.
115. Reduce the time it takes to compare the fund manager's performance to other fund managers.
116. Reduce the time it takes to obtain qualitative information about the fund performance, e.g. why
the fund lags the performance of other funds, what the outlook is for the fund, etc.
117. Reduce the time it takes to prepare a defense of an investment in a fund, e.g. to an investment
committee, a board, an auditor, etc.
118. Reduce the likelihood of having to defend an investment in a fund, e.g. to an investment
committee, a board, an auditor, etc.
Job Step 14:
Modify or hedge current fund investments
119. Reduce the time it takes to determine if a fund investment should be modified or hedged, e.g.
should future fund investments be modified because current allocations are unlikely to meet the
investment objectives.
120. Reduce the time it takes to determine what action to take to modify or hedge a fund investment
that is not meeting the investment objectives, e.g. should future fund investments be made to
hedge new risks in current fund investments.
121. Reduce the time it takes to determine what action to take to modify or hedge a fund investment
that is exceeding the acceptable level of risk.
122. Reduce the time it takes to determine what action to take to modify or hedge a fund investment
that is no longer meeting the investment criteria, e.g. can a member of the fund's management
team be changed.
123. Reduce the time it takes to get the fund manager to modify the way they are managing the fund,
e.g if they are not meeting the investment objectives or if they are exceeding the acceptable level
of risk.
124. Reduce the time it takes to resolve legal issues associated with making a modification to a fund
investment, e.g. changes in the limited partner agreement.
125. Reduce the likelihood of losing capital when modifying or hedging a fund investment, e.g. selling
a fund investment in the secondary market at a discount.
126. Reduce the time it takes to make a legal break from a fund when it is not performing as
expected.
127. Reduce the time it takes to determine the tax implications of modifying or hedging a current fund
investment.
128. Reduce the likelihood that external events influence the need to modify or hedge a current fund
investment, e.g. don't panic in down market.
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129. Reduce the likelihood of extending the fund life, e.g. adding amendments over 10 year life of the
fund.
Job Step 15:
Reinvest capital from current fund investments
130. Reduce the time it takes to determine where to allocate capital distributed from the fund, e.g.
should a new commitment be made in the next fund or a dierent fund, etc.
131. Reduce the likelihood of receiving capital from fund investments in a form that has to be
evaluated, e.g. stock vs. cash.
132. Reduce the likelihood that capital distributions from current fund investments cannot be
reinvested appropriately.
Job Step 16:
Dissolve the fund
133. Reduce the time it takes determine the investment returns from the fund.
134. Reduce the likelihood that the investment returns from the fund are calculated incorrectly.
135. Reduce the time it takes to determine what made the fund a success or failure.
136. Reduce the time it takes to determine how the investment criteria should be modified to make
better investment decisions in the future.
137. Reduce the time it takes to determine how the fund evaluation process can be improved to make
better investment decisions in the future.
138. Reduce the likelihood of making a bad fund investment decision in the future because the
lessons of investing in past funds are forgotten or misremembered.

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