Defining a minimum viable product (MVP) is a core concept in delivering value early and continuously, which aligns with the agile principles of project management. An MVP allows the project manager and stakeholders to understand the product's vision more clearly by focusing on the core functionalities that will meet the customer's needs and provide immediate value. This approach also facilitates early feedback, which is crucial for iterative development and continuous improvement.
References: The answer is verified using the PMP Examination Content Outline, which emphasizes the importance of delivering value and involving stakeholders1. Additionally, the PMBOK Guide standards highlight the need for project managers to engage stakeholders and meet project objectives2. The Professional in Business Analysis Reference Materials also support the use of an MVP as part of the business analysis process to maximize value delivery and stakeholder engagement3.