Lean Portfolio Management (LPM) is a methodology that has gained popularity in recent years as organisations seek to streamline their project management processes and improve overall efficiency. Incorporating Lean Principles into Portfolio Management Strategy . But is LPM the right approach for your organisation?
The answer to this question depends on a variety of factors, including the size and complexity of your organisation, your industry, and your specific goals and objectives. LPM is particularly well-suited to organisations that are looking to scale agile practices across multiple teams and projects, as it provides a framework for aligning strategy, funding, and execution at the portfolio level.
One of the key benefits of LPM is its focus on value delivery. By prioritising projects and initiatives based on their potential value to the organisation, LPM helps ensure that resources are allocated to the most important and impactful work. This can lead to faster time-to-market, improved customer satisfaction, and increased return on investment.
Another advantage of LPM is its emphasis on continuous improvement. By regularly reviewing and adapting portfolio priorities and resource allocation, organisations can quickly respond to changing market conditions and customer needs. This flexibility is especially important in todays fast-paced business environment, where agility and adaptability are key to success.
Of course, implementing LPM is not without its challenges. It requires a significant investment of time and resources, as well as a commitment to cultural change within the organisation. Leaders must be willing to relinquish control and empower teams to make decisions at the appropriate level, which can be a difficult transition for some organisations.
Ultimately, the decision to adopt LPM should be based on a thorough assessment of your organisations unique needs and circumstances. If you are looking to improve value delivery, increase agility, and drive strategic alignment across your portfolio of projects, then LPM may be the right choice for you. However, it is important to carefully consider the potential challenges and ensure that your organisation is prepared to make the necessary changes to support a successful LPM implementation.