This concept is most associated with software development, particularly at fast-moving start-ups with few resources.
Here’s the basic idea:
- Instead of wasting time trying to release a perfect version of a product that may or may not fit customers’ needs, a company following an iterative approach would focus on producing a “minimum viable product”.
- Getting an imperfect product out as quickly as possible allows a product team to use data and user feedback to test assumptions, identify what works and doesn’t work, and incorporate those learnings back into future versions, or iterations, of the product.
To break the gridlock of analysis paralysis, we can view each decision as an experiment to be tested. It gives us the freedom to choose something quickly because we know we can improve upon it later.