A minimum viable product (MVP) is the most basic version of a new product with enough functionality and features to appeal to early adopters and validate the concept early in the product development cycle. The concept of an MVP comes from the Lean Startup methodology, which encourages learning and building with scalability in mind. According to its author, Eric Ries, an MVP is the version of a new product that allows a team to collect the maximum amount of validated learning about customers with the least amount of effort. Building an MVP plays a central role in agile product development. It aligns with agile principles of releasing updates consistently, learning along the way, and prioritizing features based on user feedback. The benefits of focusing on an MVP and scaling it up may vary, but ultimately the purpose is to provide a low-risk testing ground before you invest thousands (or millions!) of dollars into a product before it’s ready to sell. MVP testing can provide cost savings, insights into user-centered design, fast business launches, and even getting early investor buy-in. The insights and investment you’ll reap early on will help you build the dream product you and your customers have been looking for. Therefore, the project manager should support the team to find and execute the MVP, as this will help them deliver value to the customers, test their assumptions, and make iterative improvements based on feedback. This will also reduce the risk of wasting time and resources on features that are not needed or desired by the customers. The other options are not as effective as the MVP approach. Encouraging and motivating the team with project incentives may boost their morale, but it does not address the root cause of the problem, which is the scope and complexity of the project. Subdividing the team to handle different aspects of the project may improve the division of labor, but it does not ensure that the team is working on the right features or that they are aligned with the customer needs. Organizing project execution to satisfy the project sponsor’s request may seem like a good way to meet the expectations of the stakeholder, but it may also lead to over-engineering the product and delivering a solution that is not validated by the market. References:
Understanding the Minimum Viable Product (MVP) in Agile Project Management
MVPs and MBIs - Project Management Institute
Minimum Viable Product (MVP): What is it & Why it Matters - Atlassian
