Data points that differ significantly from other observations and may indicate variability in a measurement, experimental errors, or novelty. Crucial for identifying anomalies and ensuring the accuracy and reliability of data in digital product design.
A pricing strategy where a high-priced option is introduced first to set a reference point, making other options seem more attractive in comparison. Important for shaping user perceptions of value and creating a benchmark for other pricing options.
A principle stating that as investment in a single area increases, the rate of return on that investment eventually decreases. Important for understanding and optimizing resource allocation in product design and development.
Portfolio Management is the process of overseeing and coordinating an organization's collection of products to achieve strategic objectives. Crucial for balancing resources, maximizing ROI, and aligning products with business goals.
The potential for a project or solution to be economically sustainable and profitable. Important for ensuring that design and development efforts align with business goals and market demands.
A statistical distribution where most occurrences take place near the mean, and fewer occurrences happen as you move further from the mean, forming a bell curve. Crucial for data analysis and understanding variability in user behavior and responses.
Average Revenue Per Account (ARPA) is a metric used to measure the average revenue generated per user or account. Crucial for understanding and optimizing revenue streams in subscription-based businesses.
Total Addressable Market (TAM) represents the total revenue opportunity available if a product or service achieves 100% market share. Essential for understanding the full potential of a market.
Social, Technological, Economic, Environmental, Political, Legal, and Ethical (STEEPLE) is an analysis tool that examines the factors influencing an organization. Crucial for comprehensive strategic planning and risk management in product design.
The process of ranking leads based on their perceived value to the organization. Useful for prioritizing sales efforts and improving conversion rates.
The process of estimating future sales based on historical data, trends, and market analysis. Crucial for setting realistic sales targets and planning resources effectively.
The study of dynamic systems that are highly sensitive to initial conditions, leading to unpredictable behavior. Important for recognizing and managing unpredictable elements in design and development processes.
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.
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.
SAFe is a framework designed to scale agile practices across large organizations by integrating agile and lean principles. It is widely used but criticized for its rigidity, bureaucratic structure, and potential to stifle true agile culture.
The spread and pattern of data values in a dataset, often visualized through graphs or statistical measures. Critical for understanding the characteristics of data and informing appropriate analysis techniques in digital product development.
Cost Per Objective Option (CPOO) is a metric used to measure the cost efficiency of different marketing options based on achieving specific objectives. This metric is crucial for optimizing marketing spend and measuring campaign effectiveness.
Product-Oriented Delivery (POD) is a methodology that focuses on organizing teams around products rather than projects. This approach is essential for enhancing product focus, agility, and cross-functional collaboration.
A Project Management Office (PMO) is a centralized unit within an organization that oversees and standardizes project management practices. Essential for ensuring consistency, efficiency, and alignment with strategic goals across projects.
Research conducted in natural settings to collect data on how people interact with products or environments in real-world conditions. Crucial for gaining authentic insights into user behaviors and contexts.
The process of systematically collecting, analyzing, and acting on feedback from users to improve products and services. Essential for ensuring that user insights are effectively integrated into the development process.
Enterprise Project Management (EPM) is a comprehensive approach to managing projects across an entire organization. Essential for coordinating complex, cross-functional projects and achieving organizational objectives.
A small, cross-functional team of 6-12 people focused on delivering a specific product feature or component. Essential for agile development, allowing for rapid iteration and close collaboration among team members.
The process of predicting future customer demand using historical data and other information. Crucial for optimizing inventory levels, production schedules, and supply chain management.
Knowledge Organization System (KOS) refers to a structured framework for organizing, managing, and retrieving information within a specific domain or across multiple domains. Essential for improving information findability, enhancing semantic interoperability, and supporting effective knowledge management in digital environments.
Return on Advertising Spend (ROAS) measures the revenue generated for every dollar spent on advertising. Essential for assessing the effectiveness and profitability of marketing campaigns.
A network of real-world entities and their interrelations, organized in a graph structure, used to improve data integration and retrieval. Crucial for enhancing data connectivity and providing deeper insights.
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.
Internet of Things (IoT) refers to a network of interconnected physical devices embedded with electronics, software, sensors, and network connectivity, enabling them to collect and exchange data. Essential for creating smart, responsive environments and improving efficiency across various industries by enabling real-time monitoring, analysis, and automation.
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 theory that users search for information in a manner similar to animals foraging for food, aiming to maximize value while minimizing effort. Important for designing efficient and user-centered information retrieval systems.