Product Management Product Management 3

Question 1

Which prioritization method scores features by dividing potential value by the effort required?

Accepted Answer

Value vs. Effort (2x2)

Answer

The Value vs. Effort 2x2 matrix plots items by their potential value against implementation effort to identify quick wins and strategic bets.

Question 2

What is the key difference between a product vision and a product strategy?

Accepted Answer

Vision describes the desired future state; strategy describes how to get there

Answer

Product vision articulates an inspiring end-state, while product strategy defines the approach, priorities, and decisions needed to achieve it.

Question 3

A PM wants to test whether changing a CTA button color increases conversions. Which method is most appropriate?

Accepted Answer

A/B test

Answer

An A/B test isolates the variable (button color) and measures its causal effect on conversion rate with statistical confidence.

Question 4

In the context of product development, what does 'definition of done' (DoD) refer to?

Accepted Answer

A shared checklist of criteria a feature must meet before being considered complete

Answer

The DoD is a team agreement specifying quality, testing, and documentation standards that must be met before any work item is accepted as complete.

Question 5

Which of the following best describes the 'concierge MVP' approach?

Accepted Answer

Manually delivering the product's value proposition to users before building automation

Answer

A concierge MVP involves humans performing the service manually to validate demand and learn user needs before investing in technical automation.

Product Management Practice Test