The answer depends a lot on the industry/ product. But in general: - Communicate, communicate, communicate. Give status updates. Ask for status updates. Get information from customers to your development team. Give updates from your dev. team to your customer. -Be the voice of the customer. Know if it's more important to be really good or just get the dang thing finished. Let the development team know "we need to cut…
One basic tool here is to have an explicitly listed agenda for the meeting, with a first cut arrived at before the meeting. New topics ("walk-ons") can be added to the agenda in a discussion at the start of the meeting, or at the end if time permits. It's surprising how many 60 or 90 minute meetings are run without an agenda.
If you run out of time (which is undesirable and should be corrected if it happens often) you can push items at the tail of the agenda to the next meeting.
One job of the manager is to be sure all topics (not just pet topics) get their fair share of attention, and to move the meeting onward when needed.