How does the concept of solubility product help in predicting the ionising and precipitating nature of a salt?

Knowing the solubility product of a salt, it is possible to predict that on mixing the solutions of its ions, a precipitate will be formed or not. For the precipitation to occur, its ionic product should exceed its solubility product. Therefore, to predict the precipitation reaction, we just calculate the ionic product of the ions and find out whether it is greater than K_sp or not. If
Ionic product > K_sp, precipitation occurs;
Ionic product < K_sp, no precipitation occurs.
Ionic product = K_sp, the solution is just saturated and no precipitation occurs.