Definition
A Minimum Viable Product MVP is the simplest version of a new product that can be released to early customers to gather feedback and validate core assumptions. It contains just enough features to be usable by early adopters, providing value while allowing the development team to learn from real-world usage. This iterative approach allows organizations to test market demand and refine their product strategy before investing heavily in full-scale development. For instance, a software company might release a basic version of their app with only core functionality to gauge user interest. This differs from a prototype, which is primarily for internal testing, or a fully featured product, which aims for broad market appeal from the outset. Understanding MVP is crucial for agile practitioners and appears on exams like the PMI-ACP, CAPM, and PMP.