What is a working but limited version of a solution used to demonstrate value?

A working but limited version of a solution that is used to demonstrate value is a prototype. Prototypes are created early in the development process to visualize and test aspects of a solution before full-scale development occurs. They are essential tools in business analysis because they help stakeholders understand potential solutions, gather feedback, and refine requirements based on user interaction.

Prototyping allows for iterative development, where feedback can lead to modifications and improvements without the commitment of full resources to the final product. This approach emphasizes validating concepts and ideas early, ensuring that the end product aligns closely with user needs and expectations.

While the other options like pilot releases and beta versions may also be working models of a solution, they typically pertain to later stages of development or deployment where the solution is more stabilized and often not as adaptable for immediate feedback as a prototype. An operational model implies a more stable and established framework, not focused on demonstrating value through user interaction as prototypes do. Thus, the prototype stands out in its specific purpose and timeline in the development process.