A prioritization framework used to assess and compare the value a feature will deliver to users against the complexity and cost of implementing it. Crucial for making informed decisions about feature prioritization and resource allocation.
The ability to deliver products or services in the most cost-effective manner without sacrificing quality. Key to reducing costs and improving profitability.
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.
A quick and cost-effective usability testing method where feedback is gathered from users in informal settings, often in public places. Useful for gaining rapid insights into user behavior and improving designs iteratively.
A system that allows customers to access information and perform tasks on their own without the need for assistance from customer service representatives. Important for improving customer experience and reducing support costs.
The practicality of implementing a solution based on technical constraints and capabilities. Crucial for evaluating the viability of design and development projects.
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 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 technique or tool used to lock oneself into following through on a commitment, often by adding a cost to failing to do so. Useful for designing interventions that help users stick to their goals and commitments.
Business Process Automation (BPA) refers to the use of technology to automate complex business processes. Essential for streamlining operations, reducing manual effort, and increasing efficiency in recurring tasks.
Enterprise Resource Planning (ERP) are integrated software systems that manage business processes across various departments, such as finance, HR, and supply chain. Essential for improving operational efficiency and providing a unified view of business operations.
A Lean methodology concept identifying seven types of waste in processes to improve efficiency. Valuable for product managers and engineers to optimize processes and eliminate inefficiencies.
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 testing method that examines the code, documentation, and requirements without executing the program. Important for identifying defects early in the development lifecycle, improving the quality and reducing the cost of digital products.
A practice of performing testing activities earlier in the software development lifecycle to identify and address issues sooner. Essential for improving software quality, reducing defects, and accelerating development cycles in digital product design.
Model-Based Systems Engineering (MBSE) is a methodology that uses visual modeling to support system requirements, design, analysis, and validation activities throughout the development lifecycle. Essential for managing complex systems, improving communication among stakeholders, and enhancing the overall quality and efficiency of systems engineering processes.
Know Your Customer (KYC) is a process used by businesses to verify the identity of their clients and assess potential risks of illegal intentions for the business relationship. Essential for preventing fraud, money laundering, and terrorist financing, particularly in financial services, while also ensuring compliance with regulatory requirements and building trust with customers.
The process of predicting future customer demand using historical data and other information. Crucial for optimizing inventory levels, production schedules, and supply chain management.
The likelihood that a customer will continue to buy from a particular company or brand over time. Crucial for maintaining a stable customer base and ensuring long-term business success.
The practice of using an established brand name to introduce new products or services. Essential for leveraging brand equity to expand product lines and enter new markets.
Total Quality Management (TQM) is a comprehensive management approach focused on continuous improvement in all aspects of an organization. Essential for ensuring high-quality products and services and achieving customer satisfaction.
A data-driven methodology aimed at improving processes by identifying and removing defects, and reducing variability. Crucial for enhancing the quality and efficiency of digital product development processes.
Search Engine Optimization (SEO) is the process of improving a website's visibility and ranking in organic search engine results. Essential for attracting more traffic and enhancing the online presence of a website.
A cognitive bias where people underestimate the complexity and challenges involved in scaling systems, processes, or businesses. Important for understanding the difficulties of scaling and designing systems that address these challenges.
Responsive Web Design (RWD) is an approach to web design that makes web pages render well on a variety of devices and window or screen sizes. Essential for creating flexible, adaptive web experiences that maintain functionality and aesthetics across different platforms and devices.