67 topics found for:

“process balance”

NPD

New Product Development (NPD) is the complete process of bringing a new product to market, from idea generation to commercialization. Essential for companies to innovate, stay competitive, and meet evolving customer needs through a structured approach to creating and launching new offerings.

Friction

Elements in a process that cause resistance or slow down user actions, which can lead to frustration or be used intentionally to prevent errors and encourage deliberate actions. Important for recognizing both the negative impact of unnecessary delays and the positive use of intentional friction to enhance user decision-making and reduce errors.

BSC

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.

Weighted Scoring

A prioritization method that assigns different weights to criteria based on their importance, helping to make informed decisions and prioritize tasks effectively. Crucial for making objective and balanced decisions in project management and product development.

KYC

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.

Groupshift

A phenomenon where group members make decisions that are more extreme than the initial inclination of its members due to group discussions and interactions. Crucial for understanding and mitigating the risks of extreme decision-making in group settings.

JAD

Joint Application Development (JAD) is a collaborative approach to gathering requirements and designing solutions in software development projects. It facilitates rapid decision-making and consensus-building by bringing together key stakeholders, including users, developers, and project managers, in structured workshop sessions.

Surrogation

The process by which a measure or metric comes to replace the underlying objective it is intended to represent, leading to distorted decision-making. Important for ensuring that metrics accurately reflect true objectives and designing systems that prevent metric manipulation.

Probability Matching

A decision-making strategy where individuals allocate resources proportionally to the probability of an outcome occurring, rather than optimizing the most likely outcome. Important for understanding decision-making behaviors and designing systems that guide better resource allocation.

Optimism Bias

A cognitive bias that causes people to believe they are less likely to experience negative events and more likely to experience positive events than others. Crucial for understanding user risk perception and designing systems that account for unrealistic optimism.

MQL

Marketing Qualified Lead (MQL) is a prospective customer who has shown interest in a company's product or service and meets specific criteria indicating a higher likelihood of becoming a customer. Essential for prioritizing leads and optimizing the efficiency of sales and marketing efforts by focusing resources on prospects most likely to convert.

Ratio Bias

A cognitive bias where people judge the likelihood of an event based on its relative size rather than absolute probability. Important for understanding user decision-making biases and designing systems that present information accurately.

MVE

Minimum Viable Experience (MVE) is the simplest version of a product that delivers a complete and satisfying user experience while meeting core user needs. Essential for rapidly validating product concepts and user experience designs while ensuring that even early versions of a product provide value and a positive impression to users.