Lean Start-up

Question 1

How does Lean Start-up help projects?

Answer 1

Go quickly, remove inefficiencies, and reduce wastage. It shortens the time between implementing and getting feedback.

Not validating ideas early can lead to large amounts of money, resource, and time being wasted.

Good to use in environments with a lot of uncertainty.

Question 2

What are the five concepts of Lean Start-Up?

Answer 2

The five core concepts of Lean Start-Up related to PRINCE2 are:

1. Build, measure, learn
   
   1. Focus on the problem and what needs to change, generate a hypothesis, build a solution, get feedback
   2. Then need to keep to approach (perseverance) or pivot
2. Create a MVP
   
   1. Create simplest form of a product to get feedback that allows the maximum level of validated learning. Features can be enhanced later on
   2. This differs from other Agile approaches as the MVP is defined as the minimum product that will sell
   3. Test the MVP with real users (beta testers, early adopters, people who are loyal to the product, UAT, focus groups)
3. Fail fast / learn fast
4. Use validated learning and listen to feedback to understand user needs and generate a new hypothesis
   
   1. Need to make sure learning is measurable and quantifiable (even if it is subjective)
   2. Types of users can be separated into cohorts
5. Iterate quickly
   
   1. In Lean Start-Up, we ready (prep), fire (build), aim (release and measure). Fire and aim is an iterative process.

Question 3

In terms of operations, what does Lean Start-Up need?

Answer 3

Lean Start-Up needs a process and needs to iterate on that process. Ad hoc actions and flexibility will not work.

Question 4

What is an MVP?

Answer 4

The simplest form of a product to get feedback that allows the maximum level of validated learning.

Question 5

How can Lean Start-Up feed into the Project Plan?

Answer 5

The project plan plays into the timing and quality of feedback. It is important to release early and get feedback as early as possible

Question 6

How can Lean Start-Up be used in an established business?

Answer 6

Go through iteration cycle until a set milestone. If the product is up to scratch, it is released or more investment is raised. If it is not, the company needs to pivot, a new hypothesis is generated and a new MVP created.

Question 7

What are the types of metrics in Lean Start-Up?

Answer 7

Lean Start-Up describes vanity metrics and measurable metrics

Question 8

How can Lean Start-Up by integrated into PRINCE2

Answer 8

Lean Start-Up can be applied in PRINCE2 through work packages / sprint / timebox in a MDP step.

Once complete goes straight to senior user to test with users and get feedback.

Handles delivery in an uncertain environment

Feedback from users contributes tot he analysis of CBJ