MVP is a term that is bandied about quite freely. I think it is also poorly understood and thus poorly used. It does not mean Phase 1 or any other thing except MVP.
To me MVP stands for:
- Minimal – the smallest, leanest, least amount of activities that can provide value – usually in the form of answering a question or allowing the team to learn something of value
- Viable – technically and economically able to provide value, can exist by itself and can be supported in the appropriate (not special case) environments
- Product – not just software but all the elements of the solution required to be a “product”, i.e. answer a consumer’s needs.