Mgt 205 quiz 1
___ When it comes to MVP, the most boring feature is the most important one.
True
________ In class, Professor Rich discussed the 10 pivots?
True
A sprint backlog is when tasks are selected from product backlog that must be completed to finish a sprint.
True: A list of tasks are mandatory to complete the sprint.
Three famous examples of a Pivot are ________, _________, and _________.
Twitter, Pinterest, and Instagram
This refers to the monetization or revenue model. Changes to the way a startup captures value can have far-reaching consequences for business, product, and marketing strategies . The free model doesn't capture much
Value capture pivot
When considering a product for the agility framework MVP or Minimum ____________ ____________ should always be considered.
Viable Product
Please explain the difference between waterfall and agile. Give examples of each.
Waterfall takes time to develop and is often referred to as a long agile. Agile relies on iterations and allows for tighter feedback loops. An example of waterfall is building an office tower or a banking app. An example of agile is a social media app or a video player app.
During a daily meeting what is one of the three questions you should always ask yourself.
What did I do yesterday? What will I do today? What issues are in my way or what blockers are in my way?
Differentiate between a customer segment pivot and a customer need pivot.
While a customer segment pivot describes a product that solves a real problem, but is attracting different customers than imagined in the original vision. As a result, a pivot is required so the product is repositioned for the newfound market. A customer need pivot, on the other hand, means that early feedback indicates that the problem addressed is not solved, or that customers are not buying. In a customer need pivot, a repositioning or an entirely new product is required.
Name 3 pivot types. Give example of each.
Zoom in pivot: what previously was considered a single feature in a product becomes the whole product. Instagram is an example of zoon in pivot. Instagram was originally an app to share pictures of food but realized that customers like the sharing picture feature of the app. Technology pivot: Sometimes a startup discovers a way to achieve the same solution by using a completely different technology. This is most relevant if the new technology can provide superior price and/or performance to improve competitive posture. An example of technology pivot is Netflix. Netflix became popular due to the streaming, a new technology at that time. Customer Need: Early customer feedback indicates that the problem solved is not very important. This requires repositioning, or a completely new product, to find a problem worth solving. An example of customer need pivot is Pinterest. Pinterest was created for customers to save items that wanted to buy but they realized that users just liked the saving aspect of the app.
Youtube was originally designed to be a video-based dating service before it widened this approach to become the host of sharing online videos from millions of users on various topics. This is a(n)_________ pivot
Zoom-out
______ is a low cost approach in which the need to build your product is not necessary when testing the market response to your product. a. Flintstone MVP b. Landing Page MVP c. Concierge MVP d. Zoom out pivot
a. Flintstone MVP: relies on manpower only in a response from the market.
What is the MVP flow?
1. Proposal 2. Smoke test 3. Fake demo 4. "sell-able" MVP
Name 2 issues associated with MVP.
1. Too minimal 2. Not enough viability 3. Should not be a bad version of the final product.
________ "MVP" stands for Maximum Viable Product.
False
Transitioning a product by taking a single feature and making it one aspect of a much larger project is considered a zoom-in pivot
False, this is zoom out
Waterfall is one long agile iteration. __________
True
___ Agile has faster feedback loop than waterfall, which makes agile a popular method in some industries
True
What are the 5 terms of "Agile" we've discussed in class? Explain each term.
5 terms are below: a. Product backlog: Prioritized list of what might be included in the product b. Sprint Backlog: List of tasks selected from the product backlog to be completed during the sprint c. Sprint : One timeboxed iteration of a continuous development cycle d. Product: Described as list of features e. Daily meeting: To ask questions such as "What did I do yesterday" , "What will I do today" , "What issues are in my way (blocker)
A product is a ___________________
A list of features
In your own words, please describe a Pivot.
A pivot occurs when a company is working on a specific product and identifies something which causes them to "change course". These course changes typically occur as a company reviews its MVP (Minimal Viable Product) and determines there are changes they can make to the product. It can range from changing customer segments, highlighting one feature vs many, or even delivering products to a customer via an alternative distribution channel.
When only one feature was being used in Burbn, the company pivoted becoming the successful social media app Instagram. What pivot did they use? A. Zoom-In Pivot B. Zoom-OutPivot C. PlatformPivot D. Value Capture Pivot
A. Zoom-In Pivot
One timeboxed iteration of a continuous development cycle. Length = important: no change during a sprint. a) Sprint b) Sprint backlog c) Product backlog d) Product
A. sprint
Why is the Agile approach so beneficial for development team?
An Agile approach allows teams to be able to do three key things: (1) Build, (2) Measure, and (3) Learn. What makes Agile so powerful is teams do this as an iterative process which has a compounding effect as the team gets closer to their goal of project completion.
What is an appropriate project for the Waterfall method? a. Social networking mobile app b. Skyscraper c. New candy bar recipe d. Automobile design
B. skyscaper
One of the MVP principles says, the most _________ feature is the most___________ one.
Boring; important
The Instagram mobile application concept originated from _______ when through ________ thinking/development process.
Burbu's; zoom-in
There are 5 steps to the Agile Development Approach. During which step are no changes allowed to be made? A) Product Backlog B) Daily meeting C) Sprint D) Sprit backlog
C) Sprint
David H. McConnell (Avon) started selling traveling books with perfume free samples. He realized that female customers showed more interest in the free samples than in the books themselves. Therefore, he finally focused only on selling the perfumes. This is an example of: A) Channel Pivot B) Platform Pivot C) Zoom-In Pivot D)Zoom-Out Pivot
C) Zoom-In Pivot
MVP stands for: A. Minimum Version Product B. Minimal Viable Product C. Minimum Viable Product D. Minimal Version Product
C. Minimum Viable Product
Which one of the followings best describe Pivot? A. Prioritized list of what might be included in the product. B. List of tasks selected from the product backlog to be completed during the sprint. C. A structured course correction designed to test a new fundamental hypothesis about the product. D. One time boxed iteration of a continuous development cycle.
C. a structured course correction designed to test a new fundamental hypothesis about the product.
What is the advantage and disadvantage of traditional (waterfall) development approach? Give examples of each.
Complete product and structure; Slow reaction.
When would you use a Waterfall approach? Give an example of an advantage and disadvantage of a Waterfall approach.
Construction, building, etc. Advantage may be testable, secure, etc. Disadvantage may be slow, slow feedback, no feedback, etc.
There is a total of _____ different pivot types. A. 9 B. 8 C. 11 D. 10
D. 10
Which is not a type of Pivot: A. Zoom in B. Customer need C. Platform D. Finance
D. Finance
What is not a question that should be included during your daily meetings? a. What did I do yesterday? b. What blockers am I facing? c. What will I do today? d. How much money will I need to spend?
D. How much money will I need to spend?
A _________ is conducted to enable team members to identify their contributions and highlight any obstacles which may be in their way.
Daily Meeting or Stand-Up
A Sprint is a one timeboxed iteration of a continuous development cycle with the length of 1-2 weeks give or take 1 additional week.
False
Individuals and interactions over processes and tools, working software over comprehensive documentation, customer collaboration over contract negotiation, and following a plan over responding to change are the four core values of the agile manifesto. _________________
False
It is acceptable for a "Sell-able" MVP to have all the features intended in the final product, but for the quality of the features to be below standard, with the intention of improving them during a later iteration.
False
MVP is a method used to construct a product that is the most viable and the most expensive.
False
MVP is based on the premise of sell product you can build.
False
T/F A Zoom-Out pivot occurs when it is discovered a single feature of a product becomes the whole product.
False
Technology pivot is the most common type of pivot method.
False
Waterfall process is designed to provide good customer feedback throughout the iterative process.
False
When TechOne first began its operations, the company was only selling keyboard parts to manufactures before they began selling laptops and computers. Are the keyboard parts considered a Minimum Valuable Product?
False
_____ A minimum viable product is a prototype.
False
_____ There can be some changes in a sprint.
False
_____ When developing a social media app, you should use a waterfall development approach because there is an emphasis on the quality of how the app should run.
False. A social media app works best using agile because of their small and frequent updates to get to the market faster.
What are the three steps to a production Feedback Loop?
Learn, build, measure
A development technique in which a new product or website is developed with sufficient features to satisfy early adopter is known as______.
MVP
How can you use a Transportation product such as a car to demonstrate the Minimal Viable Product (MVP) concept?
MVP focuses on providing customers with products which, while not the final product, can still support their final need. For example, when a customer wants a car it does no good to send them one tire, then two tires, then two tires with an axle, and so on. MVP is best reflected by building a skateboard and sending it to the customer because in the end the customer wants to be able to move somewhere faster. The customer can then ask
The feedback loop includes build, learn, and _________
Measure
Agile ———— the times it takes to receive feedback from customers
Minimizes
List one reason why many companies and organization are switching to Agile.
Minimizes a lot of disadvantages of Waterfall.
Explain the concept of minimum viable product (MVP). Describe a major benefit and a major drawback of MVP
Minimum Viable product may be defined as a product produced with the least effort; which allows for maximum validated learning—and which importantly—will be purchased by customers. (validated learning refers to learning from experience actually gathered from what has been noticed about the product) A major benefit of MVP is that the owner of the product can learn quickly whether there is customer interest in the product. It saves the owner money and time for which there is no market demand. A major drawback is the teams may not truly understand the concept of MVP. They may mistake functionality for viability, that is, for customer demand.
Name two advantages of the agile method.
Obtain a complete product; the developing process have an established structure.
A structured course correction designed to test a new fundamental hypothesis about the product is known as a ___________.
Pivot
________is a prioritized list of what might be included in the product.
Product backlog.
Name two disadvantageous of the waterfall method.
Product developing process could be in a wrong direction that result in not market demand; a very slow process that might be years to complete.
The correct term for one timeboxed iteration of a continuous development cycle is a _____________________________.
Sprint
Describe the agile process
The agile process creates a product with the most customer feedback possible with the least amount of resources.
What are the three steps of a validated learning cycle (or the feedback loop)?
The feedback loop is build, measure, and learn.
What are the steps in creating a product using the agile method?
The steps for the agile method are: a product backlog must be created, then narrowed down into a sprint backlog, which then goes to the creation and release of the product, and returns to sprints as necessary.
Detail the differences between the waterfall development approach and the agile development approach. Provide a scenario of when it is best to use each approach.
The waterfall approach is very structured and sequential. It is slower than the agile process and very difficult to make changes once a step has been completed. The agile approach is faster and involves the customer in each step of the process which reduces risk in the development of the product. It is also much more flexible than the waterfall approach. An example of when the waterfall approach would be best to use for a project is when there are firm requirements and no changes expected to the project. The agile approach would be best to use for a project where requirements may change, the product needs to be completed quickly, and the customer needs to be involved in order to minimize risk.
A consumer-facing mobile application for bars and restaurants is targeting single 24-30 year olds, but has trouble maintaining is MAU growth rate. However, when they add a few new features and repackage the application for grocers, user acquisition jumps for married Generation X moms. Describe two types of pivots this falls under and why.
This falls under a Zoom-Out Pivot and a Customer Segment Pivot. This pivot qualifies as a Zoom- Out because the company added new features — thus, the original product became one feature in a new product. This is also a Customer Segment Pivot because the type of targeted user
Platform pivot.
This refers to a change from an application to a platform, or vice versa. Many founders envision their solution as a platform for future products, but don't have a single killer application just yet. Most customers buy solutions, not platforms.
Value capture pivot
This refers to the monetization or revenue model. Changes to the way a startup captures value can have far-reaching consequences for business, product, and marketing strategies. The "free" model doesn't capture much value.
What are three famous pivots discussed in class? Provide examples for each.
Three famous pivots are Twitter, Pinterest, Instagram. Twitter used new product pivot in which started off as a subscription to podcast and changed into a status updating website. Instagram used to be an app called "burbn" that consisted of games and posting photos which did not gain followers. Instagram then changed into something bigger and launched an app that focused on photography. Instagram used a zoom-in- pivot. Pinterest used a zoom-in and customer need pivot in changing their brand that is now women dominated.
.______Agile has the same steps as waterfall but it minimize the disadvantage of waterfall.
True
3. The term "M.V.P." stands for minimum viable product.
True
Is traditional (waterfall) development approach a giant Agile?
True
All of these are true of Agile system, except a. It is absolutely superior to waterfall system b. It tends to allow for a faster feedback from the customer than Waterfall c. It uses time-box iterations called sprints d. It is more amenable to change and modification than Waterfall
a. It is absolutely superior to waterfall system
A version of a new product that allows a team to collect the maximum amount ofvalidated learning about customers using the least amount of effort is a(n): a. Minimum viable product b. Pivot c. Stand-up meeting d. Sprint
a. Minimum viable product
Which of the following is the correct agile development approach cycle time with term? a. product backlog - sprint backlog - sprint - product - daily meeting b. product backlog - sprint - sprint backlog - product - daily meeting c. product - sprint - sprint backlog - product backlog - daily meeting d. product - sprint backlog - sprint - product backlog - daily meeting
a. product backlog - sprint backlog - sprint - product - daily meeting
Which of the following is the best example of a minimum viable product? a. A wheel b. A steering wheel c. A skateboard d. A car seat
c. A skateboard
Which one of these options is not part of the agile process? a. Product backlog b. Sprint c. Departmental update meetings d. product
c. Departmental update meetings
Another name for the Minimum Viable Product which was used in the readings this week was. a. First Draft b. Minimal Valid Product c. Earliest Testable Product d. Earliest Valid Prototype
c. Earliest Testable Product
What is the definition of "Sprint Backlog" ? a. Prioritized list of what might be included in the product. b. One timeboxed iteration of a continuous development cycle. c. List of tasks selected from the product backlog to be completed during the sprint. d. None of the above
c. List of tasks selected from the product backlog to be completed during the sprint.
In the agile development approach, a prioritized list of everything that is known to be needed in the product is a(n): a. Sprint backlog b. Product c. Product backlog d. Requirements
c. Product backlog
What is a Product Backlog? a. The minimum features of a product necessary to be viable in the marketplace b. A list of tasks to be completed during a timeboxed iteration of a continuous development cycle c. The prioritized list of features that might be included in a product d. The prioritized list of features for a project which are behind schedule to be completed
c. The prioritized list of features that might be included in a product
What is not the advantages of Agile? a. fast b. get feedback soon c. secure d. create customer satisfaction
c. secure
A ______ pivot usually requires unique pricing, feature, and competitive positioning adjustments.
channel
When a single feature is not enough to support customers set, industry should consider the whole product become a single feature of a much larger product. This is _______pivot.
customer segment
Which of following type/types of pivot can properly explain the case that the company Pinterest's evolution from Tote? a. Zoom-in pivot b. Zoom-out pivot c. Customer need pivot d. Both zoom-in pivot and customer need pivot
d. Both zoom-in pivot and customer need pivot
A product is a(n) list of: a. sprint b. Pivot c. waterfall d. feature
d. feature
The waterfall method of product productions involves; requirements, design, ___________, test, and deploy.
development
A transportation company is interested in introducing a new product which allows mobile devices to be used instead of paper tickets for ticket purchase verification. In order to test interest in this alternative the company sets up a trial in one train station. The customer shows a mobile ticket on their phone to a scanner, it is validated as legitimate, the turnstile allows them through and their mobile ticket is marked as used. On the backend as the software is not yet fully functional an image is sent to an employee who verifies the ticket, pushes a button to allow the customer through the turnstile and marks the ticket in the computer system as used. This stage in the MVP Flow would be called a __________
fake demo
Pivot is an unstructured change in course
false
Business architecture pivot.
high margin, low volume low margin, high volume
Pivot is a structured course correction designed to test new fundamental hypothesis about the _________.
product
The processing of agile with terms means product backlog, sprint backlog, sprint, _____and _____.
product; daily meeting
3. Fill in the corresponding letter for the steps in a Waterfall Model: a. Deployment b. Design c. Development d. Requirements e. Test ______ |______ |______ |______ |______
requirement, design, development, test, deployment
Don't ____ the product you can ____, ____ the product you can ____.
sell; build build; sell
A _____ backlog is a list of tasks selected from the _____ backlog to be completed during the _____.
sprint; product; sprint
Stoop offers turnkey furnished residences and bedrooms on demand with flexible lease terms of over 30 days in New York City Suppose in their testing Stoop found more people in their 40-50s were interested in the service than their current audience of young adults in their 20s-30s looking for simpler, shorter-term leases. True or False, if Stoop decided to pursue the audience of 40-50-years old and change their strategy to pursue this customer base it would be considered a customer segment pivot.
true
Min. Viable Product focuses on selling product to _______.
visionaries
Minimum Viable Product (MVP): Product - vision - sell to ______________.
visionaries
A ____ pivot is when one feature of a current product becomes a product itself.
zoom in
A single feature in a product then becomes the whole product is a ____________.
zoom-in pivot