Lean Life Cycle

Correct Answer: A basic version of a product that helps validate key assumptions with minimal investment

An MVP (Minimum Viable Product) is fundamentally a basic version of a product created with minimal investment that allows teams to validate key business and customer assumptions. This approach aligns with Lean and Agile principles, enabling teams to learn quickly from market feedback and adapt their product accordingly. The other options are incorrect because: A fully developed product with all features contradicts the 'minimum' aspect of MVP and requires substantial upfront investment before validation. Focusing on advanced technical features goes against the MVP principle of starting with basic functionality to test market assumptions. A complete, extensively tested product version represents the end state of product development, not the initial MVP phase that emphasizes quick learning and validation.

Correct Answer: It guides product decisions through validated assumptions and market feedback

Hypothesis-driven development is a fundamental component of the Lean Life Cycle that focuses on validating assumptions through market feedback before making major product investments. The correct answer emphasizes the iterative nature of Lean, where decisions are guided by validated assumptions and real market feedback. This approach aligns with Lean principles of reducing waste and ensuring market fit. The other options are incorrect because: Creating comprehensive documentation upfront contradicts Lean principles by potentially generating waste through unused documentation. Collecting all requirements upfront is a waterfall approach that goes against Lean's iterative and experimental nature. Mandating extensive market research before any development contradicts the Lean principle of quick experimentation and learning through small, iterative cycles of development and feedback.

Correct Answer: To validate assumptions and gain customer insights through rapid experimentation

The Build-Measure-Learn feedback loop is a fundamental concept in the Lean Life Cycle that focuses on rapid experimentation and learning from customer feedback. The correct answer accurately describes the primary purpose: validating assumptions and gaining customer insights through rapid experimentation. This reflects the core principles of lean methodology, where quick iterations and customer feedback drive product development. The other options are incorrect because: - Implementing all planned features and gathering feedback after completion contradicts the iterative nature of the lean approach and delays learning opportunities - Measuring team velocity and resource optimization, while important in agile practices, is not the primary purpose of the Build-Measure-Learn loop - Establishing long-term strategies based on market analysis is too broad and static, opposing the dynamic, experimental nature of the lean methodology that emphasizes continuous learning and adaptation based on real customer feedback