Product management is very vast!
The product manager role is a blend of several other functions and one has to be a multi-tasker to excel in product management.
A product management enthusiast or professional should keep himself updated with the latest trends. He should be aware of the key product management concepts and use them correctly and at the right time.
At times you would have used the concept without even knowing its name while at times you will know some fancy jargon but will struggle to implement it practically.
But not knowing the core concepts or terminologies will keep you far away from the product managers who know them.
Whether be it your day-to-day work or a job interview, being a product manager, you must be aware of certain terms/words that are commonly used in product management.
This article provides you with an exhaustive list of product management concepts. You can consider it as your ultimate product management glossary. Bookmark the page so that you can revisit it later easily.
1. Agile
Agile is one of the most popular SDLC models that helps in delivering software products in smaller chunks in a continuous manner rather than in one big release.
It is an iterative product development methodology widely used across various industries.
More than all these, it’s a mindset!
2. Acceptance Criteria
Acceptance criteria are requirements that the product/feature must meet to satisfy the end user or the customer.
These criteria serve as the basis for stakeholders to accept or reject the final output and should be clearly defined and agreed upon before the start of a project.
3. API
API is an acronym for Application Programming Interface.
An API is a bridge that allows 2 or more software applications to communicate with each other.
4. Affinity Diagram
The affinity diagram is one of the seven management and planning tools and was created in the 1960s by Jiro Kawakita. It is used to organize a large number of disorganized ideas/data into an organized format.
The affinity diagram is an organized output of a brainstorming session.
5. AARRR Framework
AARRR stands for Acquisition, Activation, Retention, Referral, and Revenue. It is a set of five user-behavior metrics that product-led growth businesses should be tracking.
AARRR framework is also known as the Pirate Metrics or Pirate Framework.
6. A/B Testing
A/B testing allows testing the performance of 2 or more versions of a variable (website/app/ad) by displaying the variants to various user groups randomly and comparing the results.
A/B testing is also known as Split Testing or Bucket Testing.
7. Annual Recurring Revenue
Annual Recurring Revenue (ARR) is a metric that helps in predicting how much recurring revenue the business can expect from its existing customers in a year.
8. Annual Contract Value
Annual Contract Value (ACV) is a metric that describes the revenue the business will receive from a given customer each year.
9. Backlog
The product backlog is a prioritized list of items that might be needed in the product.
The backlog is in sync with the company’s vision for the product and the items from the product backlog are further used in the sprint backlog
10. Backlog Grooming
Backlog grooming is the activity in which the team reviews the backlog items to ensure all the required items are present in the backlog and prioritizes the backlog items for sprint planning.
Backlog grooming is also referred to as backlog refinement.
11. Buyer Persona
A buyer persona is a semi-fictional research-based profile of your ideal client/target audience that helps you in understanding their routine lives and the challenges they face.
It thereby helps you in aligning your product better with the target customers.
12. Beta testing
Beta testing is the testing of the product before the actual release. It is performed by a group of real users of the product in a real environment.
Beta testing is a type of user acceptance testing.
13. Burndown chart
Burndown chart is the graphical representation of the amount of work left versus time.
It helps in understanding whether the team will be able to complete the tasks within the defined timeline or not.
14. Customer Experience
The customer experience (CX) is the end-to-end experience the customer has with your product, brand, or solution.
15. Customer Journey Mapping
Customer journey mapping is a diagram that illustrates the various stages in the journey of the customer while using your product or while engaging with your brand.
Customer Journey Mapping is also known as User Journey Mapping
16. CIRCLES Method
The CIRCLES method is a framework that helps product managers in providing thoughtful responses to product design questions. It was created by Lewis C. Lin
CIRCLES is an acronym for the 7 steps –
1. Comprehend the situation
2. Identify the customer
3. Report the customer’s needs
4. Cut, through prioritization
5. List solutions
6. Evaluate tradeoffs, and
7. Summarize your recommendation
17. Churn
Churn is the number of customers that stopped using your product during a given time frame. Churn is the opposite of retention
The churn rate is also known as Customer Churn or rate of attrition.
18. Customer Acquisition Cost
Customer Acquisition Cost or CAC is the cost incurred in acquiring a new customer. It is a key metric that is often used alongside CLV.
It is calculated by dividing the sales and marketing expenses by the number of customers acquired.
19. Cross-Functional Team
A cross-functional team is a group of people with different functional expertise who work together to achieve a common goal.
A cross-functional team is also known as a multidisciplinary team or interdisciplinary team.
20. Continuous Integration
Continuous Integration (CI) is a DevOps software development practice in which the code is merged at a central repository by multiple developers several times a day.
21. Continuous Delivery
Continuous Delivery (CD) is a DevOps software development methodology in which every software change is automatically built, tested, and deployed to production.
22. Customer Feedback
Customer feedback is the information provided by the customers about their overall experience with the product, service, or brand.
23. Data Product Manager
A data product manager is a product manager who puts data at the heart of everything he does. They deal with data, analyze it, and aim to create data-driven products.
24. Design Concept
A design concept is the initial phase of product development where the idea of the product is laid down. It forms the foundation of the product.
It is also known as Concept Design.
25. Dual-Track Agile
Dual-Track Agile is a type of agile methodology that contains 2 separate tracks – discovery and delivery.
The everyday efforts of the product team are planned in a way that both tracks progress in parallel.
26. DACI Decision-Making Framework
DACI decision-making framework is a model that helps in improving a team’s decision-making by assigning team members specific roles and responsibilities.
DACI is an acronym for Driver, Approver, Contributor, and Informed.
27. Definition of Ready
The definition of ready (DoR) is a set of criteria that helps in understanding whether a user story/task is ready to be worked upon.
28. Definition of Done
The definition of done (DoD) is a set of criteria that helps in understanding whether a user story/task that was worked upon is fully complete.
29. Dependency
Dependency is the relationship between activities/work items that must be performed in a particular order. Without the completion of one activity, the following ones cannot be completed.
30. Daily Active Users
Daily Active Users (DAU) is the number of unique users that are active on the product within a 24-hour window.
31. Design Thinking
Design thinking is a problem-solving approach that is heavily people-centered & helps in creating innovative solutions.
32. Divergent Thinking
Divergent thinking is a thought process of generating various ideas/solutions by thinking outside the box. It is also known as Lateral thinking.
33. Digital Transformation
Digital transformation is the process of using new technologies to transform processes in a way that technology becomes an integral part of day-to-day work.
34. DSDM
DSDM is an acronym for Dynamic Systems Development Method. DSDM is an agile framework based on iterative development methodology.
35. Epic
An Epic is a large chunk of work that consists of multiple user stories/tasks within it. It is a key term in agile product development and you will come across it while organizing work in JIRA.
36. Extreme Programming
Extreme Programming (XP) is an agile software development framework that is lightweight and follows a set of values that helps the team to work faster.
37. Enterprise Architecture Planning
Enterprise Architecture Planning (EAP) is a planning process that helps businesses in planning their organization-wide IT infrastructure in a way that it is in sync with the business goals and helps in achieving those goals.
38. Eisenhower Matrix
Eisenhower Matrix is a matrix that helps in the tasks by categorizing them according to their urgency and importance.
Eisenhower Matrix is also known as Eisenhower Box or Urgent-Important Matrix.
39. Feature
A feature of your product is functionality that your product is capable of performing. It is something that your product does.
40. Feature-Driven Development
As the name implies, Feature-Driven Development (FDD) is an agile methodology in which the features are identified and prioritized on the go iteratively and incrementally.
41. Feature Factory
Feature Factory is a negative/derogatory term in product management. It describes a product that focuses on delivering features rather than solving customer problems.
Such a company focuses on the number of features shipped over the quality.
42. Feature Bloat
Feature bloat is the term used to describe the bundling of too many features/functionalities in a product.
Feature bloat is also known as feature creep, feature fatigue, or feature overload.
43. Feature Flag
A feature flag is a functionality that helps in turning on or switching off some features in production on the basis of demand or users. It helps in making the change in the system behavior without any code change.
A feature flag is also known as a feature toggle, feature gate, feature switch, feature flipper, or conditional feature.
44. Feature-less Roadmap
A feature-less roadmap in product management is a plan for the product without focusing on the actual features that will be developed. The goal is on the larger picture and not the nitty-gritty.
A feature-less roadmap focuses on outcomes instead of outputs.
45. Five Whys
The Five Whys method is an approach that is iterative in nature and helps in problem-solving. It helps in reaching the root cause of the problem by asking “Why” five times in sequence.
46. Gap Analysis
Gap analysis is the process of identifying the difference between the desired and the actual behavior of the product or the feature.
47. Greenfield Project
A Greenfield project is a project that starts from scratch and does not have any constraints imposed from the previous work done.
48. Go-to-Market Strategy
A Go-to-Market (GTM) Strategy is a step-by-step product launch plan that helps in positioning the product in the market.
The Growth-Share Matrix is a 2-by-2 matrix used by businesses to analyze their product portfolio and make strategic decisions. It is also known as the Boston Consulting Group (BCG) Matrix, Product Portfolio Matrix, or Boston Box.
The BCG Matrix or the Growth-Share Matrix was created by BCG’s Founder Bruce Henderson in 1968.
50. General Availability
General Availability (GA) is releasing the product to everyone.
Unlike beta testing or limited release, general availability is the release of the product through the company’s general sales channel and is available for purchase to the general public.
51. GIST Planning
GIST Planning is a lightweight agile approach that favors autonomous working and reducing management overhead.
GIST stands for Goals, Ideas, Step-Project, and Tasks.
52. HEART Framework
The HEART Framework is a set of 5 user-centric metrics that helps in evaluating user experience. The HEART framework was designed by Kerry Rodden, Hilary Hutchinson, and Xin Fu, from Google’s research team.
HEART stands for Happiness, Engagement, Adoption, Retention, & Task Success. Goals, Signals & Metrics are identified against each of the 5 categories.
53. Hook Framework
The Hook Framework is a methodology that connects the user’s problem to your solution and forms a habit. The goal is to keep the customers engaged and make them habitual in using the solution.
The Hook method was developed by Nir Eyal & it consists of 4 phases – Trigger, Action, Reward, and Investment.
54. Idea Backlog
The idea backlog is the repository of all the ideas that helps product managers in keeping a track of all the ideas for the product.
55. ICE Scoring
ICE is an acronym for Impact, Confidence, and Ease. Each word is given a score from 1 – 10, with all three numbers being added for your final ICE score.
The combination of the three values helps in prioritizing features, ideas or projects.
56. Impact Mapping
Impact mapping is a strategic collaborative planning method to determine which features you should include in the product. Impact mapping was introduced by Gojko Adzic in 2012.
An impact map begins with the Goal (Why) and then branches out to the Actor (Who), Impact (How) and Deliverable (What)
59. Iteration
Iteration is the repeating cycle of the entire development activities. The end goal of an iteration is to deliver a working feature or product increment.
60. Intuitive design
Intuitive design is a design that helps the user to easily use the product. The users don’t have to put much effort into using the product if its design is intuitive.
61. JIRA
JIRA is software that is widely used to track projects, issues, user stories, etc. The tool is based on agile methodology and helps in managing and tracking software development very smoothly.
62. Kano Model
The Kano model is a prioritization framework that helps the product teams to prioritize product initiatives or backlog items.
It helps in prioritizing on the basis of the degree to which a product feature will satisfy the customer’s requirements.
63. KPI
KPI stands for Key Performance Indicator. It is a metric (measurable/quantifiable value) that helps in tracking the progress made toward achieving a goal.
64. Kanban
Kanban is a popular lean method that helps in visually managing the workflow at the individual, team, and even organizational levels.
65. Kanban board
A Kanban board is a tool that helps in implementing Kanban and it can be a physical as well as a digital board.
The board is divided into 3 main sections that represent the requested tasks (to-do), work-in-progress tasks (WIP), and the completed tasks (done)
66. Kaizen
Kaizen is a Japanese term that means “good change” or “improvement”.
Kaizen is an approach to continuously improve by following the 5 Kaizen principles – Know your Customer, Let it Flow, Go to Gemba, Empower People and Be Transparent.
67. LeSS
LeSS means Large Scaled Scrum and is one of the leading agile software development frameworks.
As per Atlassian, LeSS is a framework for scaling scrum to multiple teams who work together on a single product.
68. Lean
Lean is a way of working with an aim of removing waste within a process and utilizing fewer resources.
The lean methodology recommends developing the MVP first and then using the build-measure-learn feedback loop to improve the product further.
69. Lifetime Value (LTV)
Lifetime value (LTV) is an estimate of the average revenue that the customer will generate throughout their lifespan as your customer.
70. Mockup
A mockup is a visual representation of the product that is to be built. It is a working sample of the product for the purpose of presentation and demos.
71. MRR
Monthly Recurring Revenue (MRR) is an estimate of the revenue that the business can expect to receive monthly from its customers.
72. MoSCoW
Moscow is a prioritizing method that helps in setting priorities by categorizing items in 4 buckets: M – Must have, S – Should have, C – Could have, and W – Won’t have
73. MAU
Monthly Active Users (MAU) is a metric that refers to the number of unique users who engaged with the product within the past month.
74. MVP
A minimum viable product (MVP) is the very early version of the product that has the most basic features. The goal of an MVP is to let customers use this version and get their feedback for product development.
75. Marketing Mix (4Ps)
The marketing mix is a combination of products, pricing, places, and promotions. It is also known as the 4Ps of Marketing.
These 4Ps help in differentiating the companies from their competitors and the entire marketing revolves around the 4Ps of marketing.
76. Minimum Lovable Product (MLP)
MLP is a step ahead of your MVP. It is that version of your product that is not just functional (like MVP) but also lovable.
MLP emphasizes the UI/UX to make it a delightful experience for the users.
77. Minimum Marketable Product (MMP)
MMP is that version of the product which is functional and can be marketed to the customers. It is that version of the product that is ready for getting launched in the market.
78. NPS
Net Promoter Score (NPS) is a metric that helps in measuring customer satisfaction with the product.
NPS was developed in 2003 by Fred Reichheld to track customer sentiment.
79. Northstar metric
The Northstar metric is the key measure of how much the product is helping in solving the customer’s core problems. It is the key metric that signifies the success of the product team in a company.
80. Opportunity Scoring
Opportunity Scoring is a prioritization framework that is used in prioritizing product features.
It is the result of the analysis of the gap between the features that the customers feel are important and their satisfaction level with each.
81. PRD
A product requirements document (PRD) is an artifact that consists of all the requirements of the product.
PRD acts as a reference or guide for the business and the tech team to help them develop and launch the product in the market.
82. Planning Poker
Planning Poker is an Agile Estimation Technique that is consensus-based. The participants use physical cards (that look like playing cards) to estimate the story points or ideal days.
Planning Poker is also known as Scrum Poker.
84. Product Ops
Product operations (product ops) is the management of processes, tools, and teams to bring a product to market efficiently and effectively.
It includes product development, launch, management, optimization, and scaling to ensure customer needs and company goals are met.
85. Product Market Fit
Product market fit is the point at which a product meets the needs of its target market and is able to achieve meaningful adoption and growth.
It’s the intersection of a product that customers want and a company that can deliver it profitably.
86. Persona
A persona is a fictional representation of a user or customer, used to better understand and empathize with the user’s needs, goals, and behaviors.
It helps in creating targeted marketing and product strategies.
87. Product Manager
A Product Manager is a professional responsible for the development and success of a product, from research and design to launch and post-launch activities.
They ensure the product meets customer needs and fits with the company’s overall strategy.
88. Program Manager
A Program Manager is responsible for coordinating cross-functional teams to achieve specific goals and objectives, often related to a product launch or major project.
They plan, execute and oversee the program to ensure it meets its objectives within the budget and time frame.
89. Project Manager
A Project Manager is responsible for planning, executing, and closing projects according to the project management plan and within the project constraints of scope, time, quality, and budget.
They lead cross-functional teams to achieve project objectives and deliver successful results.
90. Prototype
In product management, a prototype is an early model of the product, used to test and demonstrate the concept, design, and functionality to stakeholders before the final version is developed.
It helps in validating the assumptions, gathering feedback, and make necessary changes to ensure a product that meets the customer’s needs and business objectives.
Prototyping allows the product team to iterate and improve the product before it is released to the market.
91. Prioritization
Prioritization is the process of determining the most important tasks and features to focus on, based on their potential impact, feasibility, and alignment with the product strategy.
Prioritization helps the product team to make strategic decisions on what to build, when to build it, and how to allocate resources. It allows them to focus on the most important features that will have the biggest impact on the product’s success and meet customer needs.
Techniques like MoSCoW, Kano model, RICE scoring, etc are often used to prioritize the product backlog.
92. Product-Led Growth
Product-led growth (PLG) is a business strategy that focuses on using a product to drive growth by creating a valuable and user-friendly product that drives its own adoption and generates organic growth.
It’s a customer-centric approach that emphasizes on product innovation, user experience, retention, and data-driven decision-making to drive growth.
93. Quality Assurance
Quality assurance (QA) is the process of verifying that a product, service, or process meets the quality standards set by the organization.
It involves a systematic and independent examination of the product, service, or process to ensure that it is fit for its intended purpose and that it meets or exceeds customer requirements and expectations.
Quality assurance helps to identify and prevent defects and improve product quality and customer satisfaction.
94. Release Plan
A release plan is a high-level document that outlines the objectives, goals, and deliverables of a product release.
It’s usually created by the Product Owner and the Scrum team together and outlines the features, user stories, and timelines for the upcoming sprints, or for the next set of sprints.
It serves as a guide for the team to align their efforts and stay on track to deliver the release on time and with the expected quality.
95. RICE Scoring
RICE scoring is a method used to prioritize features, user stories, or ideas based on their potential impact, feasibility, and alignment with the product strategy.
The acronym RICE stands for Reach, Impact, Confidence, and Effort.
96. Retention Rate
Retention rate is a metric that measures the percentage of customers or users who continue to use a product or service over a period of time.
A high retention rate indicates that the product or service is meeting the customer needs, providing value, and that the customers are satisfied and engaged.
97. RAD
Rapid Application Development (RAD) is a software development methodology that emphasizes on quick prototyping and iteration over comprehensive planning and design.
It allows for the rapid delivery of a working product, enabling teams to gather feedback and make improvements quickly, which results in a more efficient development process.
98. Rapid Prototyping
Rapid Prototyping is a method of quickly creating a preliminary version of a product or system to test its design and gather feedback before committing to the final version.
It allows for the rapid delivery of a working prototype, enabling teams to gather feedback, test assumptions, and make improvements quickly, which results in a more efficient product development process.
99. Roadmap
A Roadmap in product management is a plan or strategy outlining the steps and goals for the development and launch of a product over a certain period of time.
It helps teams to align on the product vision, prioritize features and initiatives, and communicate progress to stakeholders.
Roadmaps often include milestones, timelines, and dependencies to ensure the development stays on track and that the final product meets the needs of the target market.
100. Release Notes
Release notes are a document or section of a website that provides information about the latest updates, changes, and bug fixes in a software product.
They are often used by developers and users to understand what has been improved or fixed in the current release, and what new features are available.
They may also be used to communicate to customers, stakeholders and users about how these changes will affect them and how to take advantage of new features or improvements.
101. Release Demo
A release demo is a demonstration of the features and functionality of a new software release to stakeholders, customers, or users.
It is an opportunity to showcase the new features, improvements, and bug fixes in the release and to receive feedback from the audience.
Release demos are typically conducted by the product team and may include a walkthrough of the new functionality, live demonstrations, and Q&A sessions. They are used to communicate the value of the release to stakeholders and to gather feedback on the product before it’s released to the market.
102. Retrospective
Retrospective in product management is a meeting or process that aims to reflect on the past performance of a product development team and identify areas for improvement.
It allows the team to review what went well, what didn’t go well, and what can be done differently in the future to make the development process more efficient and effective.
103. Scrum
Scrum is an Agile framework for managing and completing complex projects. It is commonly used in software development but can be applied to any project.
Scrum emphasizes on an iterative and incremental approach to deliver working product incrementally and quickly, with regular check-ins with stakeholders.
Scrum is based on the principles of transparency, inspection, and adaptation, and it uses specific roles, ceremonies, and artifacts to manage the process. The main roles in Scrum are: Scrum Master, Product Owner, and Development Team.
104. Sprint
A sprint in Scrum is a time-boxed period, typically 2-4 weeks, during which a cross-functional team works to complete a set of predefined tasks or deliverables.
Sprints are used to deliver incremental and usable product increments, allowing teams to gather feedback and make adjustments as needed. At the end of each sprint, the team conducts a Sprint Review and a Sprint Retrospective to evaluate their progress and plan for the next sprint.
105. Story Points
Story points are a relative estimate of effort used in Agile development to determine the size or complexity of a product backlog item.
They are used to prioritize and plan the development of features and tasks, and are assigned by the development team based on their understanding of the requirements and the effort required to complete the item.
106. SWOT Analysis
SWOT analysis is a strategic planning tool used to evaluate the strengths, weaknesses, opportunities, and threats of an organization, project, or product. It is a framework for identifying internal and external factors that can affect the success of a business or project.
By understanding SWOT, organizations can make better decisions, allocate resources more effectively, and develop a plan of action that capitalizes on strengths, minimizes weaknesses, exploits opportunities, and guards against threats.
107. SAM
Serviceable available market (SAM) refers to the portion of the total market that a company can realistically target and serve with its products or services.
It is a measure of the potential market size for a particular product or service and is used in market analysis and strategic planning.
108. SAFe
SAFE (Scaled Agile Framework) is a methodology for managing and executing large-scale, complex projects, and delivering products and solutions incrementally.
It provides a framework for organizing and coordinating work across multiple teams, balancing speed and agility with the need for control and predictability.
109. SOM
Serviceable Operable Market (SOM) is a term used in market analysis to describe the portion of a target market that is both reachable and able to be served profitably by a particular product or service.
The SOM is the intersection of the Total Addressable Market (TAM) and the Serviceable Available Market (SAM) and represents the segment of the market that is realistically accessible to a company.
110. Scrumban
Scrumban is a hybrid approach to project/product management that combines elements of Scrum and Kanban methodologies.
It uses the iterative, time-boxed development cycles of Scrum and the visual, just-in-time delivery approach of Kanban to improve flow and increase efficiency.
The goal of Scrumban is to create a more flexible and responsive system that can adapt to changing requirements and priorities while still maintaining control and visibility.
111. Sprint Backlog
Sprint Backlog is a prioritized list of tasks and activities to be completed in the upcoming sprint by a development team in Agile methodology.
It is owned and managed by the team, subject to change as they work through the sprint and adjust their plan as needed.
112. Scope Creep
Scope creep refers to the tendency for the scope of a project to expand beyond its original objectives and requirements, often leading to delays, increased costs, and decreased quality.
It occurs when new requirements or tasks are added to a project without proper planning, approval, and adjustment to the project schedule and budget.
113. Standup
A stand-up is a daily meeting in Agile methodology where team members quickly share updates on their work and identify any obstacles they are facing.
The goal of the stand-up is to ensure that everyone is aligned and to identify and resolve any issues early on, before they become bigger problems.
Stand-ups are usually brief (15 minutes or less), standing, and conducted in a huddle format to keep the meeting focused and efficient.
114. Scrum Master
A Scrum Master is a facilitator and coach for an Agile development team. The Scrum Master is responsible for ensuring that the team follows Scrum principles and practices and for removing any obstacles that may impede the team’s progress.
The Scrum Master is not a manager or a decision-maker, but rather a servant-leader who helps the team work together effectively, continuously improve, and deliver value to stakeholders.
115. TAM
TAM (Total Addressable Market) is a term used in market analysis to describe the total potential revenue or market size of a product or service if 100% market share was achieved.
It represents the entire market demand for a product or service, including all potential customers and usage instances.
TAM is often used as a starting point for market sizing and to help companies assess the potential opportunity for their products or services.
116. The user is drunk
The user is drunk is a product management & UX concept which means designing the product in such a way that even a drunk user can easily use it.
117. Technical Debt
Technical debt is the extra work the team will have to do in the future as they didn’t use the right approach to build the product/feature in the present.
Technical debt can result from a variety of factors, including tight deadlines, lack of resources, lack of expertise, or incomplete understanding of the problem domain.
118. User Research
User Research is the study of users. This study is performed to identify their existing processes, needs, behaviors, and pain areas through discovery sessions, user interviews, ethnographic research, etc.
119. Use Case
A use case is a description of how the user will use the product or solution. It helps us in understanding how the end user is going to interact with the system.
Use cases can be represented graphically using use case diagrams, which show the actors or users interacting with the system, and the different use cases or scenarios that can occur.
They can also be used to generate test cases and to ensure that the system is meeting the user’s needs throughout the development process.
120. User Stories
As per Atlassian, a user story is the smallest unit of work in an agile framework. It is a way of expressing the requirement as they would be told by the actual user.
A user story answers the who, what & why aspects of the requirement.
121. User Story Mapping
User story mapping is a technique used in Agile software development to visually represent the user’s journey through a product or system. It involves creating a high-level view of the product’s features, as well as a detailed breakdown of user stories that describe the user’s goals and actions.
The technique involves creating a two-dimensional map that shows the user stories arranged from left to right in order of priority, and from top to bottom in order of sequence. The horizontal axis represents the features of the product, while the vertical axis represents the user’s journey.
122. User Experience
User experience (UX) refers to the overall experience that a user has when interacting with a product or system, such as a website, application, or device.
It encompasses all aspects of the user’s interaction, including the design, usability, functionality, and performance of the product.
The goal of user experience is to create products that are useful, easy to use, and enjoyable to interact with.
123. User Interface
User interface (UI) refers to the visual, interactive components of a software system or product that enable users to interact with the system and perform tasks.
It encompasses all the elements that a user sees and interacts with on the screen, including buttons, menus, forms, icons, and other graphical elements.
124. VoC
VOC stands for Voice of the Customer, which is a term used in business and product development to describe the process of capturing, analyzing, and responding to customer feedback and needs.
It involves gathering feedback directly from customers, typically through surveys, interviews, focus groups, or other forms of market research.
125. Value Proposition
A value proposition is a statement that describes the unique benefits that a product or service provides to its customers.
It is a key component of a company’s marketing and sales strategy and is used to differentiate the product or service from competitors and to communicate its value to potential customers.
126. Vanity Metrics
Vanity metrics are data points or measurements that may look impressive and make a business or organization feel good, but do not necessarily provide meaningful insights or accurate representations of performance. These metrics often do not directly correlate with business outcomes or success and can be misleading.
Examples of vanity metrics might include social media followers, website traffic, or number of downloads, without considering how many of those followers or downloads actually lead to conversions or revenue.
127. Velocity
Velocity or Sprint Velocity is a measure of the amount of work a software development team can complete during a single sprint. It is typically measured in story points, which are used to estimate the relative size and complexity of user stories or tasks.
Sprint velocity is an important metric in Agile software development, where teams work in short, iterative sprints to develop and deliver software.
128. Vision
In product management, a vision is a statement that describes the desired future state of the product. It provides direction and motivation for the product team and helps align efforts towards a common goal.
A product vision should be focused on the customer and the problem the product is solving.
129. Waterfall Model
The Waterfall Model is a traditional software development methodology that follows a sequential, linear approach to software development. It is often used in large-scale software development projects that require a high degree of planning and documentation.
The Waterfall Model consists of several phases that must be completed sequentially before moving on to the next phase.
130. Wireframe
A wireframe is a visual representation of a web page, mobile app screen, or other user interface. It is typically a simplified, low-fidelity sketch that outlines the basic layout, structure, and functionality of the interface, without including any graphic design elements or detailed content.
Wireframes are often used in the early stages of the UI design process to communicate the overall layout and functionality of the interface to stakeholders, designers, and developers.
131. WSJF
Weighted Shortest Job First (WSJF) is a prioritization technique used in agile product management to help teams determine the order in which they should work on tasks and features.
It is commonly used in scaled agile frameworks like SAFe (Scaled Agile Framework) to prioritize features or user stories based on their relative value, risk, and effort.
132. WIP
WIP stands for “work in progress”. WIP refers to the amount of work that a team has started but has not yet completed within a given period of time, such as a sprint or a release cycle.
WIP is a key metric used in agile product development to help teams identify potential bottlenecks, improve workflow efficiency, and optimize team capacity. By tracking WIP, teams can identify tasks or features that are stuck in progress and adjust their workflow to improve the flow of work and reduce cycle time.
133. YOY
YOY stands for “year over year”. It is a common financial and business term used to compare data or performance metrics for a specific time period from one year to the same time period in the previous year.
For example, if a company wants to track its revenue growth over the past year, it may compare its revenue from Q1 2022 to its revenue from Q1 2021 to determine its YOY growth rate.