Organizations looking to adopt agile frameworks to manage costs while effectively delivering value and agility can benefit from adopting an enterprise-grade model.
This can help align portfolios with strategic business outcomes and improve investment decisions across the portfolio.
To get started with Lean Portfolio Management, Project Portfolio Management (PPM) leaders can take the following steps:
Step 1: Define Lean Portfolio Management Function
Areas of focus for the Lean Portfolio Management (LPM) function include strategy and investment planning, lean governance, and agile operations.
PPM leaders must identify the right talent for each focus area to coordinate and support decentralized program execution, oversee spending, auditing and compliance, and forecast spending.
They can ensure that the agile program management office has a thorough understanding of agile philosophies, basic terms, LPM events, and traditional PMO services such as data collection, analysis, reporting, etc.
Step 2: Establish a Portfolio Kanban
Creating a portfolio Kanban helps PPM leaders visualize and manage their portfolio more effectively. It helps to better understand program progress, issues and risks, and optimize the use of resources. Leaders can also use Kanban to prioritize investments and make informed decisions in real time.
Step 3: Implement Lean governance
Lean governance is an approach focused on continuous improvement, transparency and alignment with business objectives. She helps GPP leaders balance the needs of the business with the needs of agile teams.
To implement effective Lean governance, PPM leaders must define clear rules for decision-making and risk management, create performance measurement dashboards to monitor results, and ensure that objectives are met. commercial goals are achieved, foster a culture of collaboration and transparency by encouraging frequent exchanges and promoting continuous learning, and ensure the training and ongoing development of APMO members to ensure effective governance.
In summary
To begin Lean Portfolio Management, PPM leaders must define the LPM function, establish a portfolio Kanban, and implement Lean governance. These steps help align investments with the company’s strategic objectives, optimize resource utilization, and promote a culture of collaboration and continuous improvement.