Weighted Shortest Job First (WSJF) is a prioritization method used in agile and lean methodologies to maximize value by comparing the cost of delay to the duration of tasks. Essential for effectively prioritizing work to ensure the highest value tasks are completed first.
A prioritization framework used to assess and compare the value a feature will deliver to users against the complexity and cost of implementing it. Crucial for making informed decisions about feature prioritization and resource allocation.
Model-Based Systems Engineering (MBSE) is a methodology that uses visual modeling to support system requirements, design, analysis, and validation activities throughout the development lifecycle. Essential for managing complex systems, improving communication among stakeholders, and enhancing the overall quality and efficiency of systems engineering processes.
Measurements used to evaluate the success of an organization, employee, or process in meeting goals. Necessary for assessing performance and driving continuous improvement.
Lifetime Value (LTV) is a metric that estimates the total revenue a business can expect from a single customer account throughout their relationship. Crucial for informing customer acquisition strategies, retention efforts, and overall business planning by providing insights into long-term customer profitability.
The tendency for individuals to give positive responses or feedback out of politeness, regardless of their true feelings. Crucial for obtaining honest and accurate user feedback.
A strategic research process that involves evaluating competitors' products, services, and market positions to identify opportunities and threats. Essential for informing product strategy, differentiating offerings, and gaining a competitive advantage in the market.
A brief daily meeting in Agile project management where team members share updates on their progress, plans for the day, and any obstacles they face. Essential for maintaining communication, transparency, and coordination within Agile teams.
The reduction in sales of a company's existing products due to the introduction of a new product by the same company. Crucial for understanding product strategy and market impacts of new product introductions.
Specific, Measurable, Achievable, Relevant, and Time-bound (SMART) Goals are a framework for setting and achieving clear objectives. Essential for setting clear and actionable objectives in personal and professional contexts.
Business Process Model and Notation (BPMN) is a graphical representation for specifying business processes in a workflow, using standardized symbols and notations. Essential for creating clear, standardized diagrams that facilitate understanding and communication of business processes in digital product design.
A preliminary version of a project or system used to test and validate its feasibility before full-scale implementation. Crucial for identifying potential issues and making necessary adjustments to improve the final product.
The rate at which employees leave a company and are replaced by new hires, often used as a measure of organizational health and stability. Essential for understanding workforce dynamics and designing strategies to improve employee retention.
The process of ranking leads based on their perceived value to the organization. Useful for prioritizing sales efforts and improving conversion rates.
Amazon Web Services (AWS) is a comprehensive cloud computing platform provided by Amazon that offers a wide range of services including computing power, storage, and databases. Crucial for enabling scalable, cost-effective, and flexible IT infrastructure solutions for businesses of all sizes.
The systematic investigation of competitor activities, products, and strategies to gain insights and inform decision-making. Crucial for staying competitive and improving product and service offerings.
Product Strategy is a framework that outlines how a product will achieve its business goals and satisfy customer needs. Crucial for guiding product development, prioritizing features, and aligning the team around a clear vision.
Acquisition, Activation, Retention, Referral, and Revenue (AARRR) is a metrics framework for assessing user engagement and business performance. Important for product managers to understand customer lifecycle and optimize business growth.
The series of actions or operations involved in the acquisition, interpretation, storage, and retrieval of information. Crucial for understanding how users handle information and designing systems that align with cognitive processes.
Net Promoter Score (NPS) is a metric used to measure customer loyalty and satisfaction based on their likelihood to recommend a product or service to others. Crucial for gauging overall customer sentiment and predicting business growth through customer advocacy.
Market Requirements Document (MRD) is a comprehensive document that outlines the market's needs, target audience, and business objectives for a product. It serves as a crucial tool for aligning product development efforts with market demands and business goals, ensuring that the final product meets customer needs and achieves market success.
Marketing Qualified Lead (MQL) is a prospective customer who has shown interest in a company's product or service and meets specific criteria indicating a higher likelihood of becoming a customer. Essential for prioritizing leads and optimizing the efficiency of sales and marketing efforts by focusing resources on prospects most likely to convert.
A decision-making strategy where individuals allocate resources proportionally to the probability of an outcome occurring, rather than optimizing the most likely outcome. Important for understanding decision-making behaviors and designing systems that guide better resource allocation.
Mutually Exclusive, Collectively Exhaustive (MECE) is a problem-solving framework ensuring that categories are mutually exclusive and collectively exhaustive, avoiding overlaps and gaps. Essential for structured thinking and comprehensive analysis in problem-solving.
A thorough examination of a brand's current position in the market and its effectiveness in reaching its goals. Important for assessing brand health and identifying areas for improvement.
CSM (Customer Success Management) is a business methodology focused on ensuring customers achieve their desired outcomes while using a product or service. Crucial for driving customer retention and satisfaction.
Reasons to Believe (RTB) is a marketing concept that refers to the evidence or arguments that support a product's claims and persuade consumers of its benefits. Essential for building trust and credibility with customers.
Return on Investment (ROI) is a performance measure used to evaluate the efficiency or profitability of an investment or compare the efficiency of different investments. Crucial for assessing the financial effectiveness of business decisions, projects, or initiatives.
A system where outputs are fed back into the process as inputs, allowing for continuous improvement based on user responses. Crucial for iterative development and continuous improvement in design and product management.
An analysis that assesses the practicality and potential success of a proposed project or system. Crucial for determining the viability and planning of new initiatives.
The practice of comparing performance metrics to industry bests or best practices from other companies. Essential for identifying performance gaps and opportunities for improvement.
The percentage of users who continue to use a product or service over a specified period, indicating user loyalty and engagement. Essential for assessing the effectiveness of user retention strategies and improving user experience.
A problem-solving process that includes logical reasoning, pattern recognition, abstraction, and algorithmic thinking. Important for developing efficient and effective solutions in digital product design and development.
A technique used to prioritize product features based on the potential impact on customer satisfaction and business goals. Essential for aligning product development efforts with user needs and business objectives.
Tell, Don't Ask (TDA) is a design principle in software engineering that promotes encapsulation by having objects handle their own data and actions. Essential for maintaining object-oriented integrity and reducing dependencies in the code.
The process by which a measure or metric comes to replace the underlying objective it is intended to represent, leading to distorted decision-making. Important for ensuring that metrics accurately reflect true objectives and designing systems that prevent metric manipulation.
Enterprise Architecture (EA) is a strategic framework used to align an organization's business strategy with its IT infrastructure. Crucial for optimizing processes, improving agility, and ensuring that technology supports business goals.
A metric used to rank leads based on their engagement with a brand, indicating their readiness to purchase. Crucial for prioritizing leads and improving sales efficiency.
Capability Maturity Model (CMM) is a framework for improving and optimizing processes within an organization. Essential for assessing and enhancing the maturity and efficiency of processes in product design and development.
A strategic plan that outlines the goals, milestones, and steps needed to deliver a product that achieves desired outcomes incrementally, providing a clear path forward. Essential for guiding product development and ensuring alignment with strategic objectives.
A method of comparing two versions of a webpage or app to see which performs better in terms of user engagement or conversions. Crucial for designers and product managers to test variations and optimize user experience and performance.
The rate at which customers stop using a product or service, often used as a metric to measure customer retention. Crucial for understanding customer behavior and improving retention strategies.
A cognitive bias where people seek out more information than is needed to make a decision, often leading to analysis paralysis. Crucial for designing decision-making processes that avoid information overload for users.
A systematic process for determining and addressing needs or gaps between current conditions and desired outcomes. Important for identifying user requirements and guiding the development of digital products that meet those needs.
A problem-solving method that involves asking "why" five times to identify the root cause of a problem. Useful for designers and product managers to uncover underlying issues and improve processes and solutions.
A cognitive bias where people perceive past events as having been more predictable than they actually were. Important for understanding and mitigating biases in user feedback and decision-making.
Happiness, Engagement, Adoption, Retention, and Task (HEART) is a framework used to measure and improve user experience success. Important for systematically evaluating and enhancing user experience.
A brand architecture strategy where all products share a common brand name and identity. Essential for creating a cohesive brand image and leveraging brand equity across products.
User Experience (UX) refers to the overall experience of a person using a product, system, or service, encompassing all aspects of the end-user's interaction. Crucial for creating products that are not only functional but also enjoyable, efficient, and satisfying to use.
Large Language Model (LLM) is an advanced artificial intelligence system trained on vast amounts of text data to understand and generate human-like text. Essential for natural language processing tasks, content generation, and enhancing human-computer interactions across various applications in product design and development.
The ability to influence others' behavior by offering positive incentives or rewards, commonly used in organizational and social contexts. Crucial for understanding dynamics of motivation and influence in team and organizational settings.
The process of comparing design metrics to historical performance, competitive standards, or industry best practices to identify areas for improvement. Crucial for measuring progress, improving practice maturity, and evaluating competitive differentiation.
A theory that explains how individuals determine the causes of behavior and events, including the distinction between internal and external attributions. Crucial for understanding user behavior and designing experiences that address both internal and external factors.
A cognitive bias where individuals overestimate the likelihood of extreme events regressing to the mean. Crucial for understanding decision-making and judgment under uncertainty.
A potential customer who has shown interest in a product or service but has not yet made a purchase. Essential for identifying and targeting potential new customers.
Numeronym for the word "Observability" (O + 11 letters + N), the ability to observe the internal states of a system based on its external outputs, facilitating troubleshooting and performance optimization. Crucial for monitoring and understanding system performance and behavior.
Product Requirements is a document that outlines the essential features, functionalities, and constraints of a product. Crucial for guiding the development process and ensuring all stakeholders have a shared understanding of the product's goals.
The integration of digital technology into all areas of a business, fundamentally changing how it operates and delivers value to customers. Essential for staying competitive and relevant in a rapidly evolving digital landscape.
A principle stating that 80% of effects come from 20% of causes, often used to prioritize tasks and identify key areas of focus. Essential for prioritizing tasks and focusing efforts on the most impactful areas.
The process of making small, continuous improvements to products, services, or processes over time. Important for sustaining growth and maintaining competitiveness through ongoing improvements.