A statistical theory that states that the distribution of sample means approximates a normal distribution as the sample size becomes larger, regardless of the population's distribution. Important for making inferences about population parameters and ensuring the validity of statistical tests in digital product design.
A pricing strategy that offers a middle option with substantial value at a moderate price, often perceived as the best deal by users. Useful for driving sales by presenting a balanced choice that appears more attractive relative to higher and lower-priced options.
A Service Level Agreement (SLA) is a formal contract between a service provider and a customer that defines the level of service expected. Essential for setting clear expectations and responsibilities, ensuring quality and reliability.
The introduction of a new product to the market, involving planning, marketing, and distribution efforts to maximize its initial impact. Essential for ensuring a successful market entry and driving early adoption and sales.
The use of biological data (e.g., fingerprints, facial recognition) for user authentication and interaction with digital systems. Crucial for enhancing security and user experience through advanced authentication methods.
A cognitive bias where people judge the likelihood of an event based on the size of its category rather than its actual probability. Crucial for designers to understand how category size influences user perception and decision-making processes.
The simultaneous pursuit of differentiation and low cost, creating a leap in value for both the company and its customers, often associated with Blue Ocean Strategy. Important for developing strategies that can open up new markets and create significant competitive advantages.
The practice and science of classification, often used to organize content and information. Essential for improving findability and usability in information systems.
A detailed strategy outlining the timeline, milestones, and deliverables for a product release, ensuring that all activities are aligned and completed on schedule. Essential for coordinating efforts and ensuring a successful product launch.
Software that acts as an intermediary between different systems or applications, enabling them to communicate and function together. Crucial for integrating various components and ensuring seamless interaction within digital products.
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 metric that measures how engaged users are with a product, often based on usage frequency, feature adoption, and user feedback. Crucial for assessing user satisfaction and identifying areas for improvement in the product experience.
The process of identifying and assessing the influence and interest of various stakeholders in a project, to prioritize engagement and communication strategies. Crucial for effectively managing stakeholder relationships and ensuring project success.
A pricing strategy where a core product is sold at a low price, but complementary products are sold at higher prices. Useful for designing pricing strategies that maximize revenue from complementary products.
A sorting algorithm that distributes elements into a number of buckets, sorts each bucket individually, and then combines the buckets to get the sorted list. Useful for understanding more advanced algorithmic techniques and their applications.
The process of collecting, analyzing, and reporting aggregate data about which pages a website visitor visits and in what order. Essential for understanding user behavior and improving website navigation and content.
The principle that the more a metric is used to make decisions, the more it will be subject to corruption and distort the processes it is intended to monitor. Important for understanding the limitations and potential distortions of metrics in design and evaluation.
Numeronym for the word "Virtualization" (V + 12 letters + N), creating virtual versions of physical resources, such as servers, storage devices, or networks, to improve efficiency and scalability. Crucial for optimizing resource use and improving scalability.
A metric that shows the revenue that a company can expect to receive annually from its customers for subscriptions or services. Essential for understanding business performance and growth potential.
A simple sorting algorithm that repeatedly steps through the list, compares adjacent elements, and swaps them if they are in the wrong order. Important for understanding basic algorithmic principles and their applications.
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.
A focus on the results or benefits of a project rather than the activities or deliverables produced. Crucial for ensuring that efforts are aligned with achieving meaningful results.
The process of distinguishing a product from its competitors through unique features, benefits, or branding to attract and retain customers. Crucial for creating a competitive advantage and capturing market share.
Culture, Automation, Lean, Measurement, and Sharing (CALMS) is a framework for guiding the implementation of DevOps practices. Important for fostering a DevOps culture and improving collaboration, efficiency, and continuous improvement in product design teams.
A bias that occurs when the sample chosen for a study or survey is not representative of the population being studied, affecting the validity of the results. Important for ensuring the accuracy and reliability of research findings and avoiding skewed data.
Below the Line (BTL) refers to marketing activities targeting specific consumer groups through direct channels. Essential for personalized marketing and building deeper customer relationships.
An area in a market or industry that is currently underserved or unaddressed, presenting opportunities for innovation and new business ventures. Important for identifying gaps in the market that can be filled with new products, services, or solutions.
A management framework that organizes employees into small, cross-functional teams (tribes) to enhance agility, collaboration, and innovation. Important for fostering a collaborative and agile work environment.
A marketing strategy that uses multiple channels to reach and engage customers, such as email, social media, and websites. Crucial for maximizing customer reach and engagement by leveraging diverse communication platforms in digital products.
A technology that uses GPS or RFID to create virtual boundaries around a geographic area, triggering actions when entered or exited. Crucial for providing location-based services and personalized user experiences in digital products.
The tendency to cling to one's beliefs even in the face of contradictory evidence. Important for understanding resistance to change and designing interventions that address this bias.
A clear and concise list of criteria that a product or task must meet to be considered complete, ensuring alignment and understanding within a team. Essential for maintaining quality and consistency in agile project management.
The application of neuroscience principles to marketing, aiming to understand consumer behavior and improve marketing strategies. Important for creating more effective and engaging marketing campaigns.
Balanced Scorecard (BSC) is a strategic planning and management system used to align business activities to the vision and strategy of the organization. Essential for aligning business activities with organizational strategy and improving performance.
An ongoing process of learning and development that enables individuals and organizations to adapt to changing environments and requirements. Crucial for staying current with industry trends and improving skills and knowledge.
A product or service produced by one company that other companies rebrand to make it appear as if they had made it. Crucial for understanding business strategies that allow for customization and brand differentiation.
Critical Incident Technique (CIT) is a method used to gather and analyze specific incidents that significantly contribute to an activity or outcome. This method is important for identifying key factors that influence performance and user satisfaction.
Software as a Service (SaaS) is a software distribution model where applications are hosted by a service provider and accessed over the Internet. Crucial for enabling scalable and cost-effective software solutions for users.
An approach that applies Agile principles to IT operations, emphasizing iterative development, collaboration, and continuous improvement. Essential for enhancing flexibility, responsiveness, and collaboration in product design and development processes.
Adhering to laws, regulations, and guidelines relevant to business operations and product development. Crucial for ensuring products and practices meet legal and ethical standards.
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.
The percentage of users who start but do not complete a desired action, such as completing a form or purchasing a product. Important for identifying issues in user flows and improving conversion rates.
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.
Software Development Life Cycle (SDLC) is a process for planning, creating, testing, and deploying an information system. Essential for managing the complexities of software development and ensuring project success.
A type of model architecture primarily used in natural language processing tasks, known for its efficiency and scalability. Essential for state-of-the-art NLP applications.
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.
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.
A meeting where the Agile team discusses and decides what tasks will be completed in the upcoming sprint, establishing a clear plan for the sprint's duration. Crucial for ensuring the team is aligned and has a clear understanding of the work to be done in the sprint.
The systematic identification, analysis, planning, and implementation of actions designed to engage and influence stakeholders in a project. Crucial for maintaining positive relationships and ensuring stakeholder support throughout the project lifecycle.
The abilities and knowledge required to effectively plan, execute, and close projects, including leadership, communication, time management, and risk management. Essential for ensuring successful project outcomes and achieving business objectives.
A research approach that starts with a theory or hypothesis and uses data to test it, often moving from general to specific. Essential for validating theories and making informed decisions based on data.
A hybrid Agile project management framework that combines elements of Scrum and Kanban to improve flexibility and workflow management. Useful for teams seeking to blend the structured approach of Scrum with the visual workflow of Kanban.
Business Rules Engine (BRE) is a software system that executes one or more business rules in a runtime production environment. Crucial for automating decision-making processes and ensuring consistency and compliance in digital products.
A product development methodology that emphasizes shaping work before starting it, fixing time and team size but leaving scope flexible to ensure high-quality outcomes. Crucial for managing product development efficiently and delivering high-quality results within constraints.
The competitive advantage gained by the initial significant occupant of a market segment, which can lead to brand recognition and customer loyalty. Important for understanding the benefits and risks of being an early entrant in a new market.
The process of bringing a product from development to market, ensuring it meets quality standards and customer needs. Crucial for the successful launch and adoption of a product.
The process of integrating knowledge into computer systems to solve complex problems, often used in AI development. Important for developing intelligent systems that can perform complex tasks and support decision-making in digital products.
A concise statement of what the team aims to achieve during a sprint, providing direction and a shared understanding of the sprint's purpose. Crucial for ensuring team alignment and focus on the most important outcomes during a sprint.
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.
The tendency to overvalue new innovations and technologies while undervaluing existing or traditional approaches. Important for balanced decision-making and avoiding unnecessary risks in adopting new technologies.