Process

The net quantifiable benefit derived from a project — it is the project's reason to exist; can be tangible or intangible.

Tangible: monetary assets, market share, revenue, fixtures. Intangible: brand recognition, goodwill, reputation, public benefit.

The smallest version of a product with just enough features to deliver value and gather validated learning from early users.

The smallest amount of value that can be added to a product/service that benefits the business; subdivide work to find it.

MVP focuses on learning/validating a new product hypothesis; MBI focuses on the smallest deliverable that adds business value to an existing product.