Wk 1 Minimum Viable Product Flashcards
Waterfall model
It cascades the 3 fundamental activities of the software production process:
-Exploration
-Development
-Operation
(So that they can happen sequentially)
Iterative/Incremental Model
Iterative: feed forward between activities is augmented with feedback
Incremental:the interleaved activities regularly deliver small additional pieces of functionality
Enterprise scientific method
Learn -> Measure > Build Cycle
Learn:
What people want. The Enterprise comes up with a hypothesis of the marketplace and decides the empirical data it needs to validate it.
How to learn the customers focus: ( example)
Measure potential customers being talked to each week
Leap of faith assumptions:
Value assumptions: how much value/delight does the product bring ( ex. product activations)
Growth assumptions: want to know how the product is spreading from early adopters ( ex. word of mouth referrals )
Net present assumptions:
gains or losses the product will bring.
Measure cash inflows and outflows.
Use concept of the time value of money to measure net present value ( NVP )
Measure:
Enterprise must test the hypothesis through innovation accounting.
Measure metrics:
Actionable
Vanity
Actionable metrics:
Clear on how cause leads to effect.
Useful for making decisions and adapting strategies
Ex. reviews might lead to subscriptions
Vanity metrics:
Offer no insight, used to make people feel good.
Ex. Website hits or application downloads
Build phase:
Enterprise must create a minimum viable product (MVP) to gather empirical data and validate the hypothesis.
Types of MVP:
- Concierge
- Wizard of Oz
- Landing page
- Video
Concierge MVP:
No clear solution hypothesis.
Works with the customer to refine how the product will work.
Wizard of Oz MVP:
Clear solution hypothesis.
Simulation of how the product will work.
