Product Metrics & Analytics Flashcards
6 cards from real Product Management Certification Program practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Product Metrics & Analytics flashcards as text
What is the purpose of A/B testing in product management?
Answer: To compare two versions of a feature with real users to determine which performs better against a metric
A/B testing (split testing) exposes different user segments to two variants of a feature or design and measures their behavior to determine which version achieves better outcomes.
What is 'statistical significance' in the context of A/B testing?
Answer: A measure of confidence that an observed difference in results is real and not due to random chance
Statistical significance indicates the probability that the difference between test variants is real, typically requiring p < 0.05 to conclude results are not due to random variation.
What is a 'funnel' in product analytics?
Answer: A sequence of steps users must complete to achieve a goal, used to measure conversion and drop-off
A product funnel maps the steps users take toward a desired outcome (such as completing a purchase or onboarding), allowing teams to measure where users progress or drop off.
What does 'retention rate' measure for a product?
Answer: The percentage of users who continue using the product after an initial period
Retention rate measures what proportion of acquired users remain active over a defined time period, indicating whether the product delivers enough ongoing value to keep users coming back.
What is 'feature adoption rate'?
Answer: The percentage of active users who use a specific feature within a defined time period
Feature adoption rate measures what fraction of the user base is actively using a specific feature, helping PMs evaluate whether features are delivering their intended value.
What does 'AARRR' (Pirate Metrics) stand for in product analytics?
Answer: Acquisition, Activation, Retention, Referral, Revenue
AARRR (Pirate Metrics), coined by Dave McClure, maps the customer lifecycle into five stages: Acquisition, Activation, Retention, Referral, and Revenue.