As funding is limited, which of the following is the best technique that they can use?

A start-up wants to launch a new service.

As funding is limited, which of the following is the best technique that they can use?
A . Weighted Job First
B . Minimum Viable Product
C . Establish Pull
D . User Story Mapping

View Answer

Answer: B

Explanation:

For a start-up with limited funding, the focus should be on launching a new service quickly while minimizing costs and risks. The Minimum Viable Product (MVP) approach is ideally suited for this purpose.

Minimum Viable Product (MVP):

MVP is a product development strategy where a new product is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product’s initial users. This approach minimizes the risk and investment required by enabling the organization to test the market with a basic version of the product.

Reference: ITIL 4 suggests using the MVP approach, especially in environments with limited resources, as it enables organizations to deliver value quickly, learn from customer feedback, and iterate the product without significant upfront investment (Drive Stakeholder Value, ITIL 4 High-velocity IT).

Weighted Job First:

This is a prioritization technique used in Agile methodologies, focusing on delivering the most valuable features first. While useful, it is not as effective as MVP in managing financial constraints during a service launch.

Reference: ITIL 4 mentions prioritization techniques like Weighted Shortest Job First in the context of backlog management, but this is more relevant to ongoing development rather than initial service launch.

Establish Pull:

This concept comes from Lean methodologies, emphasizing that work should only be done in response to demand (pull) rather than pushing work through the system. While important, it does not directly address the need for minimizing investment in a start-up scenario.

Reference: ITIL 4’s use of Lean principles, such as establishing pull, focuses on process efficiency rather than initial product development strategies.

User Story Mapping:

User Story Mapping is a technique for visually organizing user stories to understand functionality, identify gaps, and plan releases. While useful for planning and prioritization, it does not directly help in minimizing upfront investment.

Reference: ITIL 4 recognizes User Story Mapping as a tool for understanding and prioritizing user needs but not necessarily as a method for launching with limited funds.

Conclusion:

For a start-up with limited funding, the best technique to launch a new service is the Minimum Viable Product (MVP) approach, which allows for early market entry with minimal investment and the ability to iterate based on user feedback.