Product management terms and defintitions
Have you watched the episode of The Office where Charles Miner (Idris Elba) asks Jim Halpert (John Krasinski) for a rundown of his clients? Jim spent all day trying to figure out exactly what a rundown is instead of asking for clarifications. By the time he realized he could not figure it out on his own, he felt too embarrassed to ask his manager.
Starting out as product manager, there will be many acronyms and roles that you will hear and interact with. While you should never be afraid to speak up and ask for clarifications, here’s a glossary of the most common acronyms, roles, and definitions.
| Terminology | Definition |
|---|---|
| Agile methods | A set of iterative and flexible approaches to product development that prioritize customer collaboration and responsiveness to change. |
| Bandwidth | The capacity of a team or individual to handle tasks and responsibilities effectively within a given time frame. |
| Bug | An issue or defect in a software or product that causes it to malfunction or not perform as expected. |
| Burn down chart | A visual representation that tracks the progress of work in an Agile project, showing the remaining work (usually in story points) over time. |
| Burnout | Physical, emotional, or mental exhaustion and reduced performance, often resulting from prolonged and intense work-related stress. |
| Design Change Request (DCR) | A formalized process for proposing and implementing changes to a product’s design. |
| Kanban | A visual project management method that helps teams visualize work, limit work in progress, and maximize efficiency by using a Kanban board. |
| Minimum Viable Product (MVP) | The smallest version of a product that includes essential features, designed to validate assumptions and gather feedback from users. |
| Minimum Viable Release (MVR) | Similar to an MVAP, it is a version of a product that includes the minimum features and functionality required for a successful release, typically for early adopters. |
| NPS (Net Promoter Score) | A metric used to measure customer satisfaction and loyalty by asking customers how likely they are to recommend a product or service to others. |
| P0 | Top priority feature, essential to the usability of the product. Without this feature, it would delay the product’s release. |
| P1 | Also, a priority feature, but if we are limited on time/resources, we can skip and release later. |
| P2 | Not a top priority but a nice to have feature. |
| Post Mortem | A retrospective analysis conducted after a project or release to assess what went well, what didn’t, and how to improve in future iterations. |
| Pre Mortem | A proactive brainstorming session held before a project begins to identify potential risks and challenges, allowing teams to develop mitigation strategies. |
| Product Manager | An individual responsible for the overall strategy, development, and success of a product throughout its lifecycle. |
| Product Marketer | Responsible for promoting and positioning a product in the market, creating marketing strategies, and communicating its value to customers. |
| Product Owner | The role within Agile development responsible for defining and prioritizing product backlog items, representing the customer’s needs, and ensuring the team delivers value. |
| Program Manager | A role focused on overseeing multiple related projects within an organization, ensuring they align with strategic goals and are executed effectively. |
| Project Manager | A role responsible for planning, executing, and closing projects, including defining objectives, managing resources, and meeting project goals. |
| Retrospective | A regular team meeting in Agile methodologies where members reflect on past work, discuss what went well and what could be improved, and make action plans for future iterations. |
| Roadmap | A visual document that outlines the strategic direction and planned features or releases for a product over time. |
| Stakeholders | Individuals or groups with an interest or stake in a product’s success, including customers, users, investors, and internal team members. |
| Technical Product Manager | A Product Manager with a deep technical background who bridges the gap between business and engineering teams, ensuring technical feasibility and alignment with business goals. |
| TLAs (Three-Letter Acronyms) | Abbreviations or acronyms comprised of three letters, often used in the tech industry to simplify and reference complex concepts or terms. |
| Waterfall method | A traditional project management approach that follows a linear and sequential process, with distinct phases such as requirements, design, development, testing, and deployment. |
| Visibility | The degree to which the progress, status, and activities of a project or product are clear and accessible to stakeholders and team members |
Are there other definitions you’re unsure about? Let us know in a message or in the comments below.
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