APM Vocabulary

Question 1

Agile

Answer 1

A flexible approach to project management that emphasizes collaboration, iterative development, and the ability to adapt to change quickly.

Question 2

Backlog

Answer 2

A list of tasks or features that need to be completed, organized by priority, which guides the team’s work.

Question 3

Customer Development

Answer 3

The process of understanding customer needs and validating product ideas through direct interaction with potential users.

Question 4

KPIs (Key Performance Indicators)

Answer 4

Quantifiable metrics used to evaluate how effectively a product is achieving its goals or objectives.

Question 5

MVP (Minimum Viable Product)

Answer 5

The simplest version of a product that allows a team to gather feedback and validate assumptions with minimal effort and resources.

Question 6

Roadmap

Answer 6

A strategic plan that outlines the vision, goals, and major milestones of a product over time, helping align teams and stakeholders.

Question 7

Scrum

Answer 7

An Agile framework that divides work into time-boxed iterations called sprints, focusing on delivering incremental value and fostering team collaboration.

Question 8

User Stories

Answer 8

Short, simple descriptions of a feature told from the perspective of the end user, outlining what the user needs to accomplish.

Question 9

Persona

Answer 9

A fictional representation of a typical user or customer segment, based on research and data, used to understand user behaviors and needs.

Question 10

Stakeholder

Answer 10

Any individual or group with an interest in the success of the product, including customers, users, investors, and team members.

Question 11

Wireframe

Answer 11

A basic visual representation of a webpage or application interface, illustrating layout and functionality without design elements.

Question 12

Market Research

Answer 12

The process of gathering and analyzing information about potential customers, competitors, and market trends to inform product decisions.

Question 13

Competitive Analysis

Answer 13

Evaluating and understanding competitors’ products, strengths, weaknesses, and market strategies to differentiate and position your product effectively.

Question 14

Value Proposition

Answer 14

A clear statement that explains why a customer should choose your product over alternatives, emphasizing the unique benefits and value it provides.

Question 15

Feature Creep

Answer 15

The gradual addition of unnecessary features or functionalities to a product, potentially bloating it and complicating user experience without adding value.

Question 16

Sprint

Answer 16

A short, focused period (usually 1-4 weeks) during which a team works on a set of tasks or features, aiming to deliver a tangible result or increment of the product.

Question 17

ROI (Return on Investment)

Answer 17

A measure of the profitability of an investment, indicating how much return (profit or cost savings) is generated relative to the cost of the investment.

Question 18

Churn Rate

Answer 18

The percentage of customers or users who stop using a product or service within a given period, reflecting customer retention and satisfaction levels.

Question 19

A/B Testing

Answer 19

Experimenting with two versions (A and B) of a product or feature to determine which one performs better in terms of user engagement or desired metrics.

Question 20

Iterative Development

Answer 20

A method of product development where the product evolves through repeated cycles of planning, implementing, testing, and refining based on feedback.

Question 21

Product-Market Fit

Answer 21

The alignment between a product’s features and the needs and preferences of its target market, indicating strong demand and adoption potential.

Question 22

Feature Prioritization

Answer 22

The process of ranking product features based on their importance, impact on users, and alignment with strategic goals, to guide development efforts effectively.

Question 23

Scalability

Answer 23

The ability of a product or system to handle growth in users, transactions, or data volume without compromising performance or user experience.

Question 24

User Experience (UX)

Answer 24

The overall experience and satisfaction a user has when interacting with a product, encompassing ease of use, functionality, and emotional response.

Question 25

Lean Startup

Answer 25

A methodology for developing businesses and products that emphasizes rapid iteration, customer feedback, and learning from market experiments to reduce waste and optimize resources.

Question 26

Release Management

Answer 26

The process of planning, scheduling, and controlling the deployment of product updates or new features across different stages and environments.

Question 27

Feedback Loop

Answer 27

The process of collecting, analyzing, and acting upon user feedback to continuously improve a product’s features, usability, and overall user satisfaction.

Question 28

Feature Set

Answer 28

The complete collection of features and functionalities that a product offers to address specific user needs or solve particular problems.

Question 29

Product Lifecycle

Answer 29

The stages a product goes through from initial concept and development to launch, growth, maturity, and eventual decline or replacement in the market.

Question 30

Monthly Active Users (MAU)

Answer 30

MAU refers to the number of unique users who engage with a product or service within a given calendar month. It helps PMs understand the reach and usage patterns of their product over a monthly period. Tracking MAU is crucial for assessing user engagement and retention.

Question 31

Daily Active Users (DAU)

Answer 31

DAU represents the number of unique users who interact with a product or service within a single day. It provides a snapshot of daily user engagement and can indicate trends in user behavior, usage peaks, and the overall daily impact of the product.

Question 32

Annual Recurring Revenue (ARR)

Answer 32

ARR is a measure of the predictable and recurring revenue generated from subscriptions or annual contracts over a 12-month period.

Question 33

Monthly Recurring Revenue (MRR)

Answer 33

MRR measures the predictable and recurring revenue generated from subscriptions or contracts on a monthly basis.