Lean Portfolio Management (LPM) is a concept that has gained popularity in recent years, especially within the tech industry. Understanding the Principles of Lean Portfolio Management . However, for non-technical professionals, the idea of LPM can seem daunting and confusing. In this essay, we will demystify the concept of LPM and explain it in a way that is easy to understand for all professionals.
At its core, LPM is a framework that helps organisations manage their portfolios of work in a more efficient and effective manner. It is based on the principles of Lean thinking, which focus on eliminating waste, delivering value to customers, and continuously improving processes.
One of the key components of LPM is the concept of value streams. Value streams are the end-to-end processes that deliver value to customers. By mapping out these value streams, organisations can identify inefficiencies and bottlenecks in their processes, allowing them to make improvements that will ultimately benefit their customers.
Another important aspect of LPM is the idea of prioritisation. In order to maximise the value delivered to customers, organisations must be able to prioritise their work effectively. This involves identifying the most important initiatives, allocating resources accordingly, and ensuring that work is completed in a timely manner.
One of the key benefits of LPM is that it helps organisations to be more responsive to change. By breaking down work into smaller, more manageable chunks, organisations can adapt to changing market conditions and customer needs more quickly. This agility is essential in todays fast-paced business environment.
In conclusion, Lean Portfolio Management is a valuable framework for organisations looking to improve their processes and deliver more value to customers. By understanding the key concepts of LPM, non-technical professionals can leverage this framework to drive success in their organisations.