PM imported Flashcards
A/B Testing
A method of comparing two versions (A and B) of a product feature or webpage to determine which performs better based on metrics like conversion rate. Example: A ➝ Button Red | B ➝ Button Blue → Measure Click Rate.
Acceptance Criteria
Predefined conditions or requirements that a product or feature must meet to be accepted by stakeholders. Helps ensure clarity and shared understanding between product, design, and engineering.
Agile Methodology
An iterative approach to software development emphasizing flexibility, team collaboration, and customer feedback. Example: Plan → Build → Test → Review → Iterate.
Alpha Testing
Internal product testing conducted by the development team before releasing to external users. Helps identify bugs early.
Analytics Dashboard
A visual interface displaying key metrics (KPIs, user behavior, etc.) in real time to track product performance. Example Metrics: DAU, retention rate, bounce rate.
API Integration
The process of connecting two systems or platforms through APIs to enable data exchange. Example: Payment Gateway ↔ E-commerce App.
Backlog Grooming
The process of reviewing and refining the product backlog by re-prioritizing, estimating, or breaking down tasks. Done regularly to keep the backlog healthy.
Beta Testing
Releasing the product to a limited group of external users to identify bugs and gather feedback before full launch.
Burndown Chart
A visual tool used in Agile to show remaining work vs. time in a sprint. Ideal trend: a downward-sloping line.
Business Model Canvas
A strategic tool used to visualize and describe a product’s business model including value proposition, customer segments, and revenue streams.
Churn Rate
The percentage of users who stop using the product over a period. Formula: (Users Lost ÷ Total Users) × 100.
Click-Through Rate (CTR)
The ratio of users who click a link to the number of total users who view it. Formula: (Clicks ÷ Impressions) × 100.
Competitive Analysis
The process of identifying and evaluating your competitors’ strengths, weaknesses, and market position to inform product strategy.
Conversion Funnel
The journey users take from awareness to conversion. Stages: Awareness → Consideration → Action.
Customer Acquisition Cost (CAC)
The average cost of acquiring a new customer. Formula: Total Marketing & Sales Cost ÷ New Customers Acquired.
Customer Journey Mapping
A visual representation of the end-to-end user experience across touchpoints. Helps identify friction and opportunities.
Customer Lifetime Value (CLV)
The total revenue a business expects from a customer over the lifetime of the relationship. Formula: ARPU × Customer Lifespan.
Customer Persona
A semi-fictional profile representing a typical user based on research. Includes demographics, goals, pain points.
Customer Segmentation
The process of dividing users into groups based on traits like behavior, geography, or spending to tailor offerings.
Daily Active Users (DAU)
The number of unique users who engage with your product in a 24-hour period. Metric for engagement.
Daily Stand-up
A short daily meeting in Agile teams to share updates, blockers, and plans for the day. Lasts ~15 minutes.
Data-Driven Decision Making
Making product decisions based on quantitative data analysis rather than intuition or opinion.
Design Sprint
A 5-day structured process for rapidly solving problems and testing ideas through prototyping and feedback.
Design Thinking
A user-centered problem-solving approach involving empathizing, ideating, prototyping, and testing.