Which of the following best defines Minimal Viable Product (MVP)?

The definition of a Minimal Viable Product (MVP) fundamentally revolves around delivering value to stakeholders quickly while capturing essential feedback for further development. The concept emphasizes the smallest set of features that can still provide the necessary value to users, allowing teams to validate their assumptions about what customers truly need.

By delivering this minimal set of features, teams can gather insights and feedback efficiently, leading to informed decisions for future enhancements and adjustments. This approach helps reduce waste and ensures that development resources focus on features that genuinely matter to users, facilitating a more responsive and iterative development process.

The other choices do not accurately capture the essence of an MVP. For instance, describing it as a fully developed product conflates the idea with a final product, which defeats the purpose of testing hypotheses and gathering data. Similarly, defining MVP as a hypothesis does not convey its practical application in delivering a minimum set of functionalities that fulfill stakeholder needs. Lastly, while mentioning increments of value and periodic delivery is relevant in agile contexts, it does not specifically pinpoint the concept of an MVP, which is more centered on the minimum feature set that can deliver value.