AIX 7.2 requires 2GB of memory to boot, but this minimum is not enforced in the LPAR profile except by Live Update (to ensure we'll be able to boot the surrogate LPAR). You can check your Minimum Memory setting in your LPARs profile by running the lparstat command (as shown below).
# lparstat -i | grep Memory
Online Memory : 4096 MB
Maximum Memory : 8192 MB
Minimum Memory : 2048 MB
If your partition does not meet the minimum memory profile requirement, you’ll receive the following error message when you perform a live update preview (with geninstall –p –k).
Checking lpar minimal memory size:
Required memory size: 2048 MB
Current memory size: 1024 MB
1430-119 FAILED: the lpar minimal memory size is not sufficient
You’ll need to change partition profile so that the minimum memory setting is, at least, 2048 (2GB) and then stop & start the partition for the profile update to take effect.
The /var/adm/ras/liveupdate/logs/lvupdlog log file will also contain error messages indicating the problem:
LVUPD 11/28/2016-18:52:00.716 DEBUG lvupdate_utils32.c - 6713 - lvup_check_minmem_size: Partition minimum memory size (1024 MB) on p8tlc-lvup is lower than the minimum memory size required (2048 MB).
LVUPD 11/28/2016-18:52:00.716 ERROR lvupdate_utils32.c - 8647 - lvup_preview: ERROR(s) while checking the current mimimal memory size against the computed required size.