minimum viable product (MVP)
In a PRINCE2 Agile context the term MVP broadly aligns with the Lean Start-up view that it is a 'version of the final product which allows the maximum amount of validated learning with the least effort'. This should not be confused with the viability of the project as a whole. Typically, an MVP would be delivered as early as possible during the project.
It is important to note that an MVP is about learning and may not go into operational use; it may be in the form of a simple experiment or prototype.