Fundamentals of Digital Product Management

Flashcards relating to digital product management terminology

VUCA

Stands for volatile, uncertainty, chaos, and ambiguity.

BANI

Stands for brittle, anxious, nonlinear, and incomprehensible.

Artificial Intelligence

A field in computer science focused on creating systems that mimic human intelligence.

Machine Learning

A subset of AI involving the development of algorithms that allow computers to learn and make decisions from data.

User Experience

Designing products that are easy, efficient, relevant, and enjoyable to use.

User Interface

A series of screens, pages, and visual elements that enables a person to interact with a product or service.

Blockchain

A decentralized and distributed digital ledger that records transactions across multiple computers securely and permanently.

Internet of Things

A network of physical devices connected to the internet, collecting and sharing data to create a smart, interconnected world.

Chatbots

A computer program that talks like a human to answer questions or help you find something.

Natural Language Processing

A field of AI that enables computers to understand, interpret, and generate human language in a valuable and meaningful way.

Augmented Reality

A technology that overlays digital information (e.g., images and 3D models) onto the real world, enhancing our perception of and interaction with our surroundings.

Virtual Reality

Immerses users in a fully artificial digital environment, providing a simulated experience of a different reality.

Scrum

An agile framework for managing projects that emphasizes iterative progress, collaboration, and flexibility.

Sprint

A set of time where specific work is completed and made ready for review.

Lean

This is an approach that focuses on reducing waste and efficiently delivering value to the customers.

Kanban

This is a visual system for tracking project progress using cards and columns.

Extreme Programming

This agile software development methodology emphasizes customer and continuous delivery.

A/B Testing

This is a hypothesis testing method to identify two versions of the product, as well as which version performs better or gains user appreciation.

CAD Data

use of computer to assist the creation, modification, analysis, or optimization of a design.

Virtual Engineering

use of computer simulations to design, analyze, and optimize engineering systems.

Geometric analysis

examination of shapes and sizes to understand their properties and how they relate to each other.

Data-Driven Decision-Making

A process that involves collecting data, analyzing them to extract insights, and using those insights to guide decision-making.

Product Design

The process of planning on how new product would look and work.

Product Development

Creating new products or improving products from the existing ones.

Product Marketing

The process of promoting and selling a product to customers, focusing on its benefits.

Intellectual Property

Creations of the mind, such as inventions, literary works, and designs, which are legally protected through patents, copyrights, and trademarks.

Market Validation

The process of testing a product or service with potential customers to determine its potential demand and viability before launch.

Blockchain

A decentralized digital ledger that records transactions transparently and securely.

Venture Capital

Provided to start-ups and small businesses with high growth potential in exchange for equity or an ownership stake.

Tracking Pixels

A tiny, transparent image embedded in emails or websites to monitor user behavior and website interactions.

Cloud Computing

Using the internet to store, manage, and process data, rather than local servers.

Extended Reality

A blend of real and virtual worlds, allowing interaction with both physical and digital objects.

Innovation Hubs

A collaborative space that fosters creativity and technological advancements by uniting experts and entrepreneurs.

DevOps Platform

This type of platform brings development and operation work together to create and update software.