Product Management Glossary

A backlog is a prioritized list of features, enhancements, and bug fixes that a product team maintains and works through to deliver the desired product outcomes.

Backlog Refinement / Grooming is the process of reviewing and updating the product backlog to ensure that it is prioritized, well-defined, and ready for the next sprint. This involves breaking down user stories into smaller, more manageable tasks, estimating effort, and removing any items that are no longer relevant or necessary.

Behavioral Product Management refers to the process of analyzing customer behavior data to inform product decisions and strategies.

Beta Test refers to the process of delivering a product to a selected group of users prior to its official release to collect feedback, identify bugs and ensure all the features are working efficiently.

Beta testing is the process of releasing a product to a select group of users to gather feedback and identify any issues before the product is released to the general public.

A Bill of Materials (BOM) is a comprehensive list of materials, components, and sub-assemblies required to manufacture a product.

Bubble Sort is a simple sorting algorithm that repeatedly steps through the list, compares adjacent elements and swaps them if they are in the wrong order.

Bucket Sort is a comparison-based algorithm that sorts a list of elements by partitioning them into buckets and then sorting these buckets individually.

A burndown chart is a visual tool used by agile teams to track the progress of their work during a sprint. It represents the amount of work remaining to be done versus the time left in the sprint.

Business Agility refers to the ability of an organization to quickly adapt to changes in the market and internal environments, while still delivering value to customers and stakeholders. It requires a mindset of continuous improvement, and the ability to pivot quickly when necessary.

Business Intelligence (BI) refers to the set of methodologies, processes, architectures, and technologies that transform raw data into meaningful and useful information, which can be used to enable more effective strategic, tactical, and operational insights and decision-making.

A business model is a framework for how a company creates, delivers, and captures value. It outlines the products or services offered, target customers, revenue streams, cost structure, and overall strategy for success.

The Business Model Canvas is a strategic management tool that allows businesses to describe, design, challenge, invent, and pivot their business model in a structured and visual way.

Business transformation is a process of reinventing an entire organization to adapt changes to its goals, processes, technologies, and products/services to improve its performance and competitiveness in the market.

Buy-a-Feature is a product development technique used to prioritize new features based on the demand and willingness to pay of customers. It involves presenting a list of potential features to customers and letting them 'buy' the ones they want to see developed by allocating a budget to each item.

Buyer Persona is a semi-fictional representation of the ideal customer based on market research and data analysis, used to guide product development, sales, and marketing strategies.