High level understanding

First and foremost, I highly recommend reading the book "The Lean Startup" by Eric Ries The following is a quick synopsis:

Key Points

Eric Ries was the initial inventor of the Build-Measure-Learn theory, in "The Lean Startup." He discusses a way of obtaining feedback about an idea or product or general and how to validate its value in the current market. This style of development helps to reduce risk when delivering a solution, and helps you determine whether you are building the write thing or not, quickly.

The steps that make up the Build-Measure-Learn feedback loop are the following:

1): Plan your hypothesis. We do this by scoping and Discovery and Framing. 2): Build and Deliver an MVP (Minimum Viable Product) so that you can test it and start to collect feedback. 3): Measure your metrics with the hypothesis created earlier. 4): Learn from the metrics, and user feedback, to determine if you need to Persevere or Pivot. Once we have gone through all 4 steps, we can start at step one again.

Cleaner graphic: