POCs, Prototypes, and MVPs
By the end of Thesis II, you will have a completed project. However, there will be a number of deliverables prior to that. In Thesis I, you will complete a couple proof of concepts (POCs) and a prototype. Mid-way through Thesis II, you will submit a minimal viable product (MVP). This page explains what each of these is.
POC
As you are narrowing down project ideas, you will design several proof of concepts (POCs). A POC demonstrates the viability of a one or more components of your project. A good POC will test a component that you are not sure how to implement, but is vital to the success of the project. For example, suppose you are building a web application but you have never set up a web hosting environment before. A good POC would be to set up a web host and serve a simple web page. If you cannot achieve that, then you know to pick another project.
Prototype
A prototype is a mostly working version of the core of your project. That means you won't have many of the features (even major ones) implemented, there may be lots of unhandled errors, and it won't look polished. However, it will demonstrate the backbone of your project works. You will submit a prototype of your project at the end of the semester (in December).
MVP
A minimal viable project (MVP) is like a more polished, more functional prototype. It's not the completed project (it may be missing many features, still), but it's usable enough for an early adopter. The critical features should be present and it should be reasonable bug-free. You will submit an MVP of your project by mid April in Thesis II.