Product strategy is a simple system of goals that aligns teams toward desirable outcomes for both the business and the customers.

Confirmation bias occurs when an individual makes decisions that are consistent with their existing beliefs by selectively looking at data.

Anchoring bias refers to the human tendency to rely too heavily on the first piece of information offered when making a decision.

Loss aversion is the psychological concept behind the human response that attributes more to losses versus gains.

A mission statement is a simple statement that outlines the company’s purpose, values, and goals as it exists today.

The payback period is the length of time it takes for a new feature to generate the amount of money it costs to develop.

As the words suggest, Now, Next, Later is a simple roadmap tool that can help teams understand the priority of their work.

A project timeline is a visual representation of the tasks, milestones, and deliverables involved in developing and delivering a product.

A workback schedule involves creating a timeline in reverse, starting with the project completion date and working your way back through.

A decision tree looks like a tree where the trunk is the main problem you are trying to solve or the choice you are going to make.

Escalation of commitment is a pattern of continuing to commit to the same strategy despite seeing evidence that the strategy isn’t working.

Lead time in product management is the amount of time it takes to deliver a product or feature to the customer.