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Description
Flashcards by Charlotte P, updated more than 1 year ago
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Created by Charlotte P
almost 3 years ago
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| Question | Answer |
| What is the purpose of Minimum Viable Product? (MVP) | MVP is used to avoid costs & risks associated with creating the wrong product. |
| MVP tests a _________ MVP reduces _______ MVP increases ________ | 1. hypothesis 2. waste 3. speed of delivery to customers for adoption & feedback |
| What is a MVP? | A minimum set of features/requirements to deliver value to stakeholders in the shortest amount of time. |
| MVP satisfies _______ adopters in the ________amount of time possible. | 1. early 2. shortest |
| What can be created once feedback is received from early adopters on the MVP? | Further set of features |
| MVP follows 3 general steps. What are they? | 1. Determine the problem to be solved (identify hypothesis to be tested) 2. Identify the minimum set of features to test hypothesis 3. Analyse the feedback & learning gained from stakeholders (do any additional features need to be added to increase adoption?) |
| Elements of MVP? | 1. Who are the target audience? 2. Hypothesis/goal to test? 3. What mechanism used to measure learning? 4. Select the minimum amount of requirements to be delivered |
| STRENGTHS of MVP? | - Less expensive than developing a product with more robust features - Reduces cost & risk associated with creating the wrong product due to feedback & learning - Avoids risk of building products customers don't want - Tests actual usage scenarios rather than relying on market research |
| WEAKNESSES of MVP? | - Advanced market analysis is needed to identify the minimum set of features - No formula to success and features are still a 'best guess' - Is it merely a testing of a hypothesis rather than creating an actual MVP? |
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