Activity: Validate Business Concept
A spectrum of techniques is available for validating the viability and value of your business plan. One end of the spectrum uses formal quantitative and qualitative research and external focus groups; the other uses an informal team review. This activity guides you in choosing and applying the appropriate technique.
More detail: Purpose - Frequency - Steps
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Purpose
To choose an appropriate validation approach given the degree of innovation and risk associated with the business plan. This activity also includes validating the viability of the Business Concept and recommending changes to this concept based on validation results.
Frequency
This activity is usually performed once per project during the Inception phase. If significant changes occur in the competitive environment, the need to repeat this activity should be evaluated.