APM Vocabulary Flashcards
Agile
A flexible approach to project management that emphasizes collaboration, iterative development, and the ability to adapt to change quickly.
Backlog
A list of tasks or features that need to be completed, organized by priority, which guides the team’s work.
Customer Development
The process of understanding customer needs and validating product ideas through direct interaction with potential users.
KPIs (Key Performance Indicators)
Quantifiable metrics used to evaluate how effectively a product is achieving its goals or objectives.
MVP (Minimum Viable Product)
The simplest version of a product that allows a team to gather feedback and validate assumptions with minimal effort and resources.
Roadmap
A strategic plan that outlines the vision, goals, and major milestones of a product over time, helping align teams and stakeholders.
Scrum
An Agile framework that divides work into time-boxed iterations called sprints, focusing on delivering incremental value and fostering team collaboration.
User Stories
Short, simple descriptions of a feature told from the perspective of the end user, outlining what the user needs to accomplish.
Persona
A fictional representation of a typical user or customer segment, based on research and data, used to understand user behaviors and needs.
Stakeholder
Any individual or group with an interest in the success of the product, including customers, users, investors, and team members.
Wireframe
A basic visual representation of a webpage or application interface, illustrating layout and functionality without design elements.
Market Research
The process of gathering and analyzing information about potential customers, competitors, and market trends to inform product decisions.
Competitive Analysis
Evaluating and understanding competitors’ products, strengths, weaknesses, and market strategies to differentiate and position your product effectively.
Value Proposition
A clear statement that explains why a customer should choose your product over alternatives, emphasizing the unique benefits and value it provides.
Feature Creep
The gradual addition of unnecessary features or functionalities to a product, potentially bloating it and complicating user experience without adding value.
Sprint
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.
ROI (Return on Investment)
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.
Churn Rate
The percentage of customers or users who stop using a product or service within a given period, reflecting customer retention and satisfaction levels.
A/B Testing
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.
Iterative Development
A method of product development where the product evolves through repeated cycles of planning, implementing, testing, and refining based on feedback.
Product-Market Fit
The alignment between a product’s features and the needs and preferences of its target market, indicating strong demand and adoption potential.
Feature Prioritization
The process of ranking product features based on their importance, impact on users, and alignment with strategic goals, to guide development efforts effectively.
Scalability
The ability of a product or system to handle growth in users, transactions, or data volume without compromising performance or user experience.
User Experience (UX)
The overall experience and satisfaction a user has when interacting with a product, encompassing ease of use, functionality, and emotional response.
Lean Startup
A methodology for developing businesses and products that emphasizes rapid iteration, customer feedback, and learning from market experiments to reduce waste and optimize resources.
Release Management
The process of planning, scheduling, and controlling the deployment of product updates or new features across different stages and environments.
Feedback Loop
The process of collecting, analyzing, and acting upon user feedback to continuously improve a product’s features, usability, and overall user satisfaction.
Feature Set
The complete collection of features and functionalities that a product offers to address specific user needs or solve particular problems.
Product Lifecycle
The stages a product goes through from initial concept and development to launch, growth, maturity, and eventual decline or replacement in the market.
Monthly Active Users (MAU)
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.
Daily Active Users (DAU)
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.
Annual Recurring Revenue (ARR)
ARR is a measure of the predictable and recurring revenue generated from subscriptions or annual contracts over a 12-month period.
Monthly Recurring Revenue (MRR)
MRR measures the predictable and recurring revenue generated from subscriptions or contracts on a monthly basis.
