Product glossary
A list of helpful product terms and definitions
A popular Agile framework used by larger organizations. It is a flexible framework (due to the fact that it borrows the most successful components from other Agile frameworks). Larger organizations who have trouble dealing with the fast pace of the software industry and scaling their Agile teams should use SAFe. With it businesses can choose the best options of various Agile frameworks that meet their specific needs.
A report that estimates the sales and revenue of a product or service within a given time period.
Changes in the scope of a project (adding new features or functions into a product being developed for example) that were not initially planned. This causes the work related to bringing the product to market to extend beyond what was originally intended.
A software development methodology where teams come together to prioritize work, set short term goals, and work as a team to bring products to the market. There are three main roles in a scrum team: Product owner, scrum master, scrum team. Scrum's five key rituals are: Story time / Sprint planning / Daily stand up / Sprint review / Retrospective
Scrum and kanban mixed together.
To "ship" something means to release it. Product managers should always be shipping.
SMART is an acronym that outlines a beneficial strategy for setting and reaching specific goals. When setting goals they should be: Specific / Measurable / Actionable / Realistic / Timely
Character traits and interpersonal skills that characterize one's relationship with others. Some of the key soft skills that product managers should have include: time management skills, communication skills, problem-solving skills, leadership skills, research and analytical skills,diplomacy skills, and persuasion skills.
A unit of time in which work is performed to accomplish a specific sprint goal. They are typically two weeks in length, however they can be shorter or longer.
A scrum ritual where the scrum team meets to determine what can be completed in the sprint, how it will be achieved, and the sprint goal. This meeting kicks off a new sprint.
There are two types of stakeholders that product managers work with: internal and external stakeholders. An internal stakeholder is someone who affects or can be affected by the work a product manager performs. Examples of internal stakeholders are product designers, developers, and the executive team. An external stakeholder is someone who is interested in or has influence over the product. Examples of external stakeholders are shareholders, consultants, and industry analysts.
The process of managing and maintaining a good amicable relationship with your stakeholders. This is one of the most important parts of a product manager's job.
A daily meeting where the team gathers to discuss progress, work to perform for the day, and help required. It is one of scrum’s key rituals (though not exclusive to scrum).
A number assigned to planned work which estimates the overall effort required to complete it.
Money that has already been spent on an initiative and can not be recovered.
This acronym stands for Strengths, Weaknesses, Opportunities, and Threats. A SWOT analysis analyzes these 4 aspects of a product or business to understand how it fares in the market.
