A cognitive bias where individuals tend to avoid risks when they perceive potential losses more acutely than potential gains. Important for understanding decision-making behavior in users and designing systems that mitigate risk aversion.
A tendency to avoid making decisions that might lead to regret, influencing risk-taking and decision-making behaviors. Crucial for understanding decision-making processes and designing systems that minimize regret.
A cognitive bias where people avoid negative information or situations, preferring to remain uninformed or ignore problems. Important for understanding user behavior and designing systems that encourage proactive engagement.
A cognitive bias where individuals or organizations continue to invest in a failing project or decision due to the amount of resources already committed. Important for designers to recognize and mitigate their own risks of continuing unsuccessful initiatives.
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 scheduling term that indicates a delay in the project timeline that cannot be recovered. Important for identifying and addressing potential project delays, ensuring timely delivery of digital products.
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 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 cognitive bias where individuals overestimate the likelihood of extreme events regressing to the mean. Crucial for understanding decision-making and judgment under uncertainty.
The risk that the product being developed will not deliver sufficient value to the users, meaning it won't meet their needs or solve their problems. Critical for ensuring the product will be desirable and valuable to the users, which is essential for its success.
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.
Adhering to laws, regulations, and guidelines relevant to business operations and product development. Crucial for ensuring products and practices meet legal and ethical standards.
A cognitive bias where people seek out more information than is needed to make a decision, often leading to analysis paralysis. Crucial for designing decision-making processes that avoid information overload for users.
A cognitive bias where people ignore general statistical information in favor of specific information. Critical for designers to use general statistical information to improve decision-making accuracy and avoid bias.
A cognitive bias where people assume others share the same beliefs, values, or preferences as themselves. Important for helping designers avoid projecting their own biases and assumptions onto users during research and design.
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.
The error of making decisions based solely on quantitative observations and ignoring all other factors. Important for ensuring a holistic approach to decision-making.
A non-production environment used for development and testing before deployment to production. Important for ensuring that changes are thoroughly tested before going live.
The practicality of implementing a solution based on technical constraints and capabilities. Crucial for evaluating the viability of design and development projects.
Software Requirements Specification (SRS) is a detailed document that outlines the functional and non-functional requirements of a software system. Crucial for ensuring clear communication and understanding between stakeholders and the development team.
A dark pattern where availability is falsely limited to pressure users into making a purchase. Awareness of this deceptive practice is important to provide honest information about product availability.
Not Invented Here (NIH) syndrome refers to the aversion to using or buying products, research, or knowledge developed outside an organization. This mindset can hinder innovation and collaboration.
Minimum Viable Product (MVP) is a version of a product with just enough features to be usable by early customers who can then provide feedback for future product development. Essential for validating product ideas quickly and cost-effectively, allowing teams to learn about customer needs without fully developing the product.