• Home
  • Archive
  • Tools
  • Contact Us

The Customize Windows

Technology Journal

  • Cloud Computing
  • Computer
  • Digital Photography
  • Windows 7
  • Archive
  • Cloud Computing
  • Virtualization
  • Computer and Internet
  • Digital Photography
  • Android
  • Sysadmin
  • Electronics
  • Big Data
  • Virtualization
  • Downloads
  • Web Development
  • Apple
  • Android
Advertisement
You are here: Home » 5 Important Q&A About Minimum Viable Product (MVP)

By Abhishek Ghosh June 28, 2021 6:23 pm Updated on June 28, 2021

5 Important Q&A About Minimum Viable Product (MVP)

Advertisement

Many innovation methods and terms from Silicon Valley are new territories. So also the Minimum Viable Product. Here are the five most important questions and their answers. If you look at the Swiss army knives, you will find the so-called “collector’s Swiss army knife” with too many tools and functions. Although they offer the owner the right tool in every conceivable situation, it is hardly really suitable for everyday use. They are not suitable for reality. On the other hand, there are useful Swiss knives, which are reduced to three or four functions. This kind of knives are readily available for around 15 dollars and commonly sold. For similar situation, the concept of Minimum Viable Product (MVP) took birth in the software industry.

 

Less is often more

 

The first type of knives described above stand out for overloading features, it is a disease that many companies suffer from, especially in the engineering industry. Usually for the development put together a project team for a new product that withdraws for months or even years to develop a supposedly perfect product in secret and in complex processes.

To satisfy all the needs of all potential customers, many make the enterprise the mistake of offering too much at once. The result: a far too expensive product, which has all the bells and whistles, but is not needed by the customers. Instead, what often falls by the wayside are the actual needs of the actual target group. After all, who needs a saw, a nail file and a corkscrew at the same time? Which functions are even marginally superfluous? This is exactly where the MVP method comes in, for which the second knife stands.

Advertisement

---

 

What does MVP mean?

 

MVP stands for Minimum Viable Product, which means “minimally functional product”. Originally, the term comes from Silicon Valley, where numerous young tech startups are already working successfully with the concept. They gain a competitive advantage over established companies because they can implement innovations faster and react more flexibly to new requirements.

Especially in agile product development, the MVP method has established itself in recent years. Nevertheless, the term is still interpreted very differently. The most common definition goes back to Eric Ries, who in 2011 coined a completely new philosophy of business start-ups with his book “Lean Startup”. He describes the MVP as “a version of a new product that allows a team to collect the maximum amount of validated information about customers with minimal effort.”

 

What does a minimum viable product have to do with agility?

 

Classically, many companies use the waterfall method in product development – a linear approach that is usually deeply embedded in the corporate culture. the development, however, an MVP is based on the principle of agile working, which works the other way around: instead of creating detailed specifications over weeks or months, the team starts with a vague goal in mind and then sprints from one “pit stop” to the next to get customer feedback as quickly as possible. This is then used to continuously develop the product and adapt it to the actual needs of the customers.

 

How does the MVP process work in concrete terms?

 

Developing, measuring, learning, repeating – these steps describe the cycle that makes up MVPs. At the beginning of the process, there is always a hypothesis that the team establishes together. This hypothesis must be confirmed or refuted. In our example, this would be something like this: If our pocket knife is equipped with a corkscrew, sales can be increased by ten per cent within the first four weeks. Then the MVP process begins:

  1. The team develops a Minimum Viable Product.
  2. The MVP is tested with real users.
  3. The tests show whether the MVP is used and accepted by users as expected.

Based on user feedback, adjustments are made to the product and further sprints are carried out to improve the minimum viable product. Possible new features are then added step by step.

 

What do you have to consider with a minimum viable product?

 

Those who have had few points of contact with agile development methods may initially find the MVP process to be unintuitive. This is especially true for highly regulated industries, where a lot of time and care usually goes into the implementation of new ideas. The following basic principles help to establish the MVP concept:

  1. Speed instead of perfection: It’s less about developing perfect products than implementing ideas quickly.
  2. Focus instead of all-round impact: Especially in the test phase, it is essential to focus on the right feature (e.g. a certain feature) and to measure its success.
  3. Agility instead of a waterfall: Of course, it is always advisable to have a product idea in mind. In concrete terms, however, only the next step is planned.
  4. Benefits instead of features: It is not a question of mapping as many properties as possible, but of offering the user concrete added value.
  5. Savings & Turnover: The success of the product is measured not only by sales but also by cost savings.

5 Important QA About Minimum Viable Product MVP
 

What are the benefits of a Minimum Viable Product?

 

By ensuring a fast, lean process, companies minimize their financial risk. At the same time, they can try out more ideas, identify the best ones early on and discard those that will not deliver positive results. In this way, companies can already recognize at a very early stage of product development whether they are going in the right direction and otherwise correct their course in good time. Minimum Viable Products are a great way to drive innovation in the company.

It is important to anchor the understanding of this entrepreneurial and implementation-oriented approach so firmly in the corporate culture that each employee recognizes the advantages and knows how to use them correctly for themselves. Developing an MVP is not about creating a perfect, mature product. On the contrary, often it still “jerks and wobbles” – but it works.

This Article Has Been Shared 533 Times!

Facebook Twitter Pinterest

Abhishek Ghosh

About Abhishek Ghosh

Abhishek Ghosh is a Businessman, Surgeon, Author and Blogger. You can keep touch with him on Twitter - @AbhishekCTRL.

Here’s what we’ve got for you which might like :

Articles Related to 5 Important Q&A About Minimum Viable Product (MVP)

  • Google Cloud Storage – Benefits

    Google Cloud Storage has certain benefits over other Cloud Storage service providers. Let us have a look on the plus points of using Google Cloud Storage.

  • Cloud Computing : What Really Matters

    Cloud Computing and migration of IT into the cloud replace capital costs (capex) by operating costs (Opex). But, does Cloud Computing makes IT operations cheap?

  • Surveillance System Hard Drive and Smart Video Monitoring

    Smart Video Monitoring Demands Dedicated Surveillance System Hard Drive for Faster I/O. In House Data Storage is Faster than Cloud Storage.

  • Upload to IBM Cloud CDN Using OpenStack Swift Client

    Here is How Upload to IBM Cloud CDN Using OpenStack Swift Client. We have a helper Python script for the process. IBM Cloud CDN needs Pay-as-you-go account.

  • Two Way Communication in IoT (Cloud to Device and Device to Cloud)

    Two Way Communication in IoT i.e. Cloud to Device and Device to Cloud is Relatively New Concept. Not All the Providers, Software Natively Support 2 Way.

Additionally, performing a search on this website can help you. Also, we have YouTube Videos.

Take The Conversation Further ...

We'd love to know your thoughts on this article.
Meet the Author over on Twitter to join the conversation right now!

If you want to Advertise on our Article or want a Sponsored Article, you are invited to Contact us.

Contact Us

Subscribe To Our Free Newsletter

Get new posts by email:

Please Confirm the Subscription When Approval Email Will Arrive in Your Email Inbox as Second Step.

Search this website…

 

Popular Articles

Our Homepage is best place to find popular articles!

Here Are Some Good to Read Articles :

  • Cloud Computing Service Models
  • What is Cloud Computing?
  • Cloud Computing and Social Networks in Mobile Space
  • ARM Processor Architecture
  • What Camera Mode to Choose
  • Indispensable MySQL queries for custom fields in WordPress
  • Windows 7 Speech Recognition Scripting Related Tutorials

Social Networks

  • Pinterest (24.3K Followers)
  • Twitter (5.8k Followers)
  • Facebook (5.7k Followers)
  • LinkedIn (3.7k Followers)
  • YouTube (1.3k Followers)
  • GitHub (Repository)
  • GitHub (Gists)
Looking to publish sponsored article on our website?

Contact us

Recent Posts

  • Cyberpunk Aesthetics: What’s in it Special January 27, 2023
  • How to Do Electrical Layout Plan for Adding Smart Switches January 26, 2023
  • What is a Data Mesh? January 25, 2023
  • What is Vehicular Ad-Hoc Network? January 24, 2023
  • Difference Between Panel Light, COB Light, Track Light January 21, 2023

About This Article

Cite this article as: Abhishek Ghosh, "5 Important Q&A About Minimum Viable Product (MVP)," in The Customize Windows, June 28, 2021, January 29, 2023, https://thecustomizewindows.com/2021/06/5-important-qa-about-minimum-viable-product-mvp/.

Source:The Customize Windows, JiMA.in

PC users can consult Corrine Chorney for Security.

Want to know more about us? Read Notability and Mentions & Our Setup.

Copyright © 2023 - The Customize Windows | dESIGNed by The Customize Windows

Copyright  · Privacy Policy  · Advertising Policy  · Terms of Service  · Refund Policy

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT