Lean Portfolio Management (LPM) is a strategic approach to managing a portfolio of projects and initiatives in a lean and efficient manner. Mastering the Art of Lean Portfolio Management Reporting . This approach is particularly popular in the field of agile project management, where the focus is on delivering value to customers quickly and continuously. In this beginners guide, we will explore the key concepts of Lean Portfolio Management and how it can be applied in practice.
At its core, Lean Portfolio Management is about aligning the portfolio of projects and initiatives with the strategic goals of the organisation. This involves prioritising projects based on their potential value to the business, and ensuring that resources are allocated in a way that maximises this value. By taking a lean approach to portfolio management, organisations can avoid wasting time and resources on projects that do not contribute to their strategic objectives.
One of the key principles of Lean Portfolio Management is the concept of continuous improvement. This involves regularly reviewing and evaluating the portfolio of projects, and making adjustments as necessary to ensure that they remain aligned with the organisations strategic goals. By adopting a flexible and iterative approach to portfolio management, organisations can quickly respond to changes in the market and customer preferences, and ensure that their projects continue to deliver value.
Another important aspect of Lean Portfolio Management is the focus on transparency and collaboration. By involving stakeholders from across the organisation in the portfolio management process, organisations can ensure that everyone is aligned around the same strategic goals, and that decisions are made collaboratively and transparently. This can help to build trust and buy-in from stakeholders, and ensure that projects are delivered successfully.
In conclusion, Lean Portfolio Management is a powerful approach to managing a portfolio of projects and initiatives in a lean and efficient manner. By aligning projects with strategic goals, focusing on continuous improvement, and promoting transparency and collaboration, organisations can ensure that their projects deliver maximum value to the business. Whether you are new to agile project management or looking to improve your portfolio management practices, Lean Portfolio Management is a valuable tool to consider.