What is a result of using personas and empathy maps together?
Correct Answer: A
Using personas and empathy maps together is a result of applying design thinking, which is a customer-centric development process that creates desirable products that are profitable and sustainable over their lifecycle. Personas are fictional characters that represent archetypal users of a product or service, while empathy maps are visual tools that capture the thoughts, feelings, behaviors, and needs of the users. Using personas and empathy maps together can help to improve product design by: * Understanding the problem and the context from the user's perspective * Generating ideas and solutions that address the user's pain points and goals * Testing and validating the assumptions and hypotheses behind the product * Aligning the stakeholders on the scope, value, and quality of the product References: * Design Thinking - Scaled Agile Framework * Personas - Scaled Agile Framework * Empathy Map vs Persona: What's the Difference and Why You ... - Userpilot
Question 12
Which factor must be included when building a model of market segment value?
Correct Answer: C
According to the SAFe Agile Product Management APM (6.0) documents and learning resources, market segment value is the total value of a specific market segment for agiven solution. It is calculated by multiplying the number of potential customers in the segment by the average revenue per customer and the expected market share. The expected market share depends on several factors, such as the value proposition, the competitive advantage, and the number of existing competitors. Therefore, the number of existing competitors is a factor that must be included when building a model of market segment value. References: * Agile Product Management - Scaled Agile Framework * Customer Centricity - Scaled Agile Framework * 5.4 Essential Factors in Effective Market Segmentation
Question 13
Which is a good example of a pivot that would indicate that Customers want to pay in a different way?
Correct Answer: C
A value exchange pivot is a type of pivot that changes the way customers pay for the product or service, or the way the business generates revenue from the product or service. A value exchange pivot would indicate that customers want to pay in a different way, because it reflects a change in the customer preferences, behavior, or expectations regarding the payment method, frequency, or amount. For example, a business may pivot from a one-time purchase model to a subscription model, or from a fixed-price model to a pay-per-use model, based on the customer feedback and data. Reference: Pivot: This article from the Scaled Agile Framework defines the concept and purpose of pivot, and how it helps to validate or invalidate the assumptions and hypotheses of a product or service using experiments and feedback. The 10 Types of Startup Pivots: This article from Forbes provides an overview of the 10 types of startup pivots, and how they can help entrepreneurs adapt and innovate in response to the market and customer needs. It also provides some examples of successful pivots by well-known companies.
Question 14
What is one key component of Cost of Delay (CoD)?
Correct Answer: A
Time criticality is one key component of Cost of Delay (CoD), which is the money or value that will be lost by delaying or not doing a job for a specific time period relative to other jobs. Time criticality reflects the urgency or sensitivity of a job to time, and how its value changes over time. For example, a job that has a fixed deadline, a seasonal demand, or a high risk of obsolescence has a high time criticality, and its CoD increases rapidly as time passes. A job that has a stable demand, a low risk of competition, or a long-term benefit has a low time criticality, and its CoD increases slowly or remains constant over time. Reference: WSJF: This article from the Scaled Agile Framework explains the concept and purpose of Weighted Shortest Job First (WSJF), which is a prioritization model that uses CoD and job duration to sequence jobs for maximum economic benefit. It also describes the four components of CoD: user or business value, time criticality, risk reduction and/or opportunity enablement, and job size. Cost of Delay - Scaled Agile Framework: This article from the Scaled Agile Framework defines CoD as the numerator in WSJF prioritization, and provides some examples of how to estimate CoD for different types of jobs.
Question 15
Which statement is true about the business model canvas (BMC)?
Correct Answer: B
The BMC is a strategic management tool that lets you visualize and assess your business idea or concept. It consists of nine boxes that represent different fundamental elements of a business, such as customer segments, value propositions, channels, and cost structure. The BMC helps you to design, analyze, optimize, and communicate your business model, and to test and iterate it as you learn from the market feedback. The BMC can be used for any type of business or product, regardless of whether it generates revenue or not, as long as it delivers value to the customers. References: * Business Model Canvas - Wikipedia: This article from Wikipedia explains the concept and history of the BMC, and describes its nine building blocks and their relationships. * Business Model Canvas: Explained with Examples | Creately: This article from Creately provides a detailed guide on how to create a BMC, with examples and templates for different types of businesses and products. * Business Model Canvas - Download the Official Template: This website from Strategyzer offers the official template and online courses, books, and webinars to master the BMC.
