Week 1 - Basics and MVPs Flashcards
What are the goals of enterprise computing?
- To respond to a rapidly changing competitive landscape
- To provide a stable, reliable and secure service
What are the three fundamental activities of the software production process?
Exploration, development and operation
What happens in the learn phase of the learn-measure-build cycle?
An enterprise must come up with a hypothesis about the marketplace, discovering if the product has customer focus, and measure leap of faith assumptions (such as value assumption and growth assumption) and the Net Present Value (NPV).
What is NPV?
Net Present Value - the time value of money.
What happens in the measure phase of the learn-measure-build cycle?
An enterprise must test its hypothesis using innovation accounting; reviewing actionable metrics and vanity metrics.
What are actionable metrics?
Metrics that are useful for making decisions and adapting strategies - it is clear how cause leads to effect, e.g. number of subscriptions/renewals.
What are vanity metrics?
Metrics that make everyone feel good - they offer no insight into how the current point was reached, or where to go next, e.g. number or website hits or application downloads.
What is an MVP and what are the 5 types?
Minimum Viable Product - something that allows an enterprise to gain insight on a product/idea without building it in its entirety. The 5 types are software, concierge, wizard of oz, landing page, and video.
What is a Concierge MVP?
Where a person works with a customer to refine how the product will work (there is no clear solution hypothesis).
What is a Wizard of Oz MVP?
Where a person simulates how the product will work (e.g. doing the backend while a frontend exists) (there is a clear solution hypothesis).
What is a Landing Page MVP?
A page where potential customers can find out about a product idea, and perhaps even pledge money to fund its development.
What is a Video MVP?
A video that shows how the product might work, and asks customers to sign up for it (there is a clear solution hypothesis).
What can you choose to do at the end of a learn-measure-build cycle?
Persevere or pivot
What are the 4 types of pivot?
Zoom-in, zoom-out, customer segment, customer need
What is a zoom-in pivot?
When a product feature becomes a product.
