A psychological principle where people place higher value on objects or opportunities that are perceived to be limited or rare. Important for understanding consumer behavior and designing marketing strategies that leverage perceived scarcity.
The part of an application that encodes the real-world business rules that determine how data is created, stored, and modified. Crucial for ensuring that digital products align with business processes and deliver value to users.
The financial performance of a product, measured by its ability to generate revenue and profit relative to its costs and expenses. Important for assessing the financial success of a product and making informed business decisions.
Agile Release Train (ART) is a long-lived team of Agile teams that, along with other stakeholders, incrementally develops, delivers, and operates one or more solutions in a value stream. Important for coordinating Agile development and delivery at scale.
Dynamic Systems Development Method (DSDM) is an agile project delivery framework focused on delivering business value early and continuously. Essential for ensuring that projects align with business goals and user needs through iterative processes.
A theory that emphasizes the role of emotions in risk perception and decision-making, where feelings about risk often diverge from cognitive assessments. Important for designing systems that account for emotional responses to risk and improve decision-making.
A type of usability testing conducted at the end of the design process to evaluate the effectiveness and overall user experience. Important for assessing the final design's usability and identifying any remaining issues.
Quantitative measures used to track and assess the performance and success of a product, such as usage rates, customer satisfaction, and revenue. Essential for making data-driven decisions to improve product performance and achieve business goals.
A structured classification of risks into categories, helping organizations identify, assess, and manage different types of risks. Important for understanding and managing risks effectively within an organization.
The process of identifying, assessing, and mitigating potential threats that could impact the success of a digital product, including usability issues, technical failures, and user data security. Essential for maintaining product reliability, user satisfaction, and data protection, while minimizing the impact of potential design and development challenges.
A cognitive bias where the total probability assigned to a set of events is less than the sum of the probabilities assigned to each event individually. Important for understanding how users estimate probabilities and make decisions under uncertainty.
A team structure focused on delivering value streams, often organized around a specific business capability or customer need. Crucial for enhancing delivery efficiency and aligning with business goals.
A concept in behavioral economics that describes how future benefits are perceived as less valuable than immediate ones. Important for understanding user preferences and designing experiences that account for time-based value perceptions.
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.
The established set of core values, stories, and attributes that define a brand's identity and guide its communications. Essential for maintaining brand consistency and authenticity.
A structured evaluation process where a product's design, functionality, and user experience are assessed, often by peers or experts. Essential for identifying areas for improvement and fostering a culture of continuous enhancement.
The set of shared values, practices, and goals that characterize a startup company. Important for fostering innovation, agility, and a collaborative environment within product design teams.
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 usability test where users are shown a design for 5 seconds to measure recall and initial reactions. Important for designers to test how well key information and elements are conveyed quickly to users.
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.
The risk that the product cannot be built as envisioned due to technical limitations, resource constraints, or other practical challenges. Important for confirming that the product can be realistically developed and deployed with the available technology and resources.
A test proposed by Alan Turing to determine if a machine's behavior is indistinguishable from that of a human. Important for evaluating the intelligence of AI systems.
A cognitive bias where people give greater weight to outcomes that are certain compared to those that are merely probable. Important for designers to consider how users weigh certain outcomes more heavily in their decision-making.
A strategy where an additional, less attractive option is introduced to make other pricing options look more appealing, often steering customers towards a particular choice. Important for guiding user decisions and increasing the perceived value of targeted pricing tiers.
A prioritization technique where stakeholders use a limited budget to "buy" features they believe are most valuable, helping to prioritize the development roadmap. Useful for involving stakeholders in the decision-making process and aligning development priorities with business value.
A time-boxed period in which Agile teams deliver incremental value in the form of working, tested software and systems. Essential for aligning teams, managing dependencies, and ensuring continuous delivery.
Features or elements added to enhance the functionality or user experience of a system. Crucial for improving user engagement and satisfaction by adding valuable enhancements.
A strategic management template for developing new business models or documenting existing ones, detailing elements like value proposition, infrastructure, and customers. Important for understanding and designing business strategies that align with product and user experience goals.
The ability of an organization to adapt quickly to market changes and external forces while maintaining a focus on delivering value. Essential for fostering an adaptable and resilient design and development process.
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 statistical method used to assess the generalizability of a model to unseen data, involving partitioning a dataset into subsets for training and validation. Essential for evaluating model performance and preventing overfitting in digital product analytics.
Metrics that may look impressive but do not provide meaningful insights into the success or performance of a product or business, such as total page views or social media likes. Important for distinguishing between metrics that drive real business value and those that do not.
Recency, Frequency, Monetary (RFM) analysis is a marketing technique used to evaluate and segment customers based on their purchasing behavior. Essential for targeting high-value customers and optimizing marketing strategies.
A unique attribute, feature, or capability of a product, service, or brand that sets it apart from competitors in the market. Essential for identifying and leveraging unique selling points to create a competitive advantage, enhance brand value, and attract and retain customers in the market.
Goal-Question-Metrics (GQM) is a framework for defining and interpreting software metrics by identifying goals, formulating questions to determine if the goals are met, and applying metrics to answer those questions. This framework is essential for measuring and improving software quality and performance.
A systematic evaluation of all features in a product to determine their usage, effectiveness, and alignment with business goals. Essential for optimizing product performance and user satisfaction.
A strategy where a team plays the role of an adversary to identify vulnerabilities and improve the security and robustness of a system. Crucial for testing the resilience of digital products and identifying areas for improvement.
A cognitive bias where individuals underestimate the time, costs, and risks of future actions while overestimating the benefits. Important for realistic project planning and setting achievable goals for designers.
A cognitive bias where people perceive an outcome as certain while it is actually uncertain, based on how information is presented. Crucial for understanding and mitigating biased user decision-making.
Trust, Risk, and Security Management (TRiSM) is a framework for managing the trust, risk, and security of AI systems to ensure they are safe, reliable, and ethical. Essential for ensuring the responsible deployment and management of AI technologies.
A comprehensive analysis of a website to assess its performance in search engine rankings and identify areas for improvement. Essential for diagnosing and enhancing a website's SEO performance.
Business-to-Business-to-Consumer (B2B2C), a business model where businesses sell products or services to other businesses that then sell them to consumers. Important for understanding complex value chains and partnership strategies.
An economic approach that treats human attention as a scarce commodity, focusing on capturing and retaining user attention. Crucial for understanding user engagement and designing products that effectively capture and retain attention.
Strengths, Weaknesses, Opportunities, and Threats (SWOT) is a strategic planning tool that is applied to a business or project. Essential for strategic planning and decision-making.
Impact, Confidence, and Ease of implementation (ICE) is a prioritization framework used in product management to evaluate features. Essential for making informed and strategic decisions about feature development and prioritization.
An evaluation process that assesses the effectiveness, efficiency, and alignment of product management practices and strategies with organizational goals. Essential for identifying areas for improvement and ensuring alignment with business objectives.
A prioritization framework used in product management to evaluate features based on Reach, Impact, Confidence, and Effort. Crucial for making informed decisions about which product features to prioritize and develop.
The process of evaluating a product by testing it with real users to gather feedback and identify usability issues. Essential for validating design decisions and ensuring the product meets user needs.
The process of collecting and documenting the needs and expectations of stakeholders for a new or modified product or system. Essential for ensuring that the final product meets user needs and business objectives.
The process of testing and evaluating a design to ensure it meets user needs and business goals before final implementation. Crucial for ensuring that designs are effective and meet intended objectives.
The degree to which a product or system can be used by specified users to achieve specified goals with effectiveness, efficiency, and satisfaction in a specified context of use. Essential for creating products that are easy to use and meet user needs effectively.
A phenomenon where people perceive an item as more valuable when it is free, leading to an increased likelihood of choosing the free item over a discounted one. Important for understanding consumer behavior and designing effective marketing strategies.
A systematic evaluation of behaviors within an organization or process to identify areas for improvement and ensure alignment with goals. Crucial for understanding and improving user behaviors and organizational processes.
The phenomenon where people continue a failing course of action due to the amount of resources already invested. Important for recognizing and mitigating biased decision-making.
A behavioral economic theory that describes how people choose between probabilistic alternatives that involve risk, where the probabilities of outcomes are known. Crucial for understanding decision-making under risk and designing systems that align with user behavior.
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.
A testing method that examines the internal structure, design, and coding of a software application to verify its functionality. Essential for ensuring the correctness and efficiency of the code in digital product development.
The process of testing product ideas and assumptions with real customers to ensure they meet market needs. Essential for reducing risk and ensuring product-market fit.
The process of determining whether there is a need or demand for a product in the target market, often through testing and feedback. Crucial for ensuring that a product will meet market needs and be successful.
A cognitive bias where individuals overlook or underestimate the cost of opportunities they forego when making decisions. Crucial for understanding user decision-making behavior and designing systems that highlight opportunity costs.