A range of values, derived from sample statistics, that is likely to contain the value of an unknown population parameter. Essential for making inferences about population parameters and understanding the precision of estimates in product design analysis.
The process of estimating future sales based on historical data, trends, and market analysis. Crucial for setting realistic sales targets and planning resources effectively.
A method of splitting a dataset into two subsets: one for training a model and another for testing its performance. Fundamental for developing and evaluating machine learning models in digital product design.
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.
A statistical method that models the relationship between a dependent variable and one or more independent variables by fitting a linear equation to observed data. Essential for predicting outcomes and understanding relationships between variables in digital product design and analysis.
A relative estimation technique used in Agile project management to quickly assess the size and complexity of tasks by assigning them T-shirt sizes (e.g., small, medium, large). Crucial for efficient project planning and workload management.
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 statistical method used to predict a binary outcome based on prior observations, modeling the probability of an event as a function of independent variables. Essential for predicting categorical outcomes in digital product analysis and user behavior modeling.
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.
A measure used in Agile project management to quantify the amount of work a team can complete in a given sprint, typically measured in story points. Crucial for planning and forecasting in Agile projects and understanding team capacity.
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.
Serviceable Obtainable Market (SOM) is the portion of the Serviceable Addressable Market that a company can realistically capture. Essential for setting achievable sales and market share goals.