Everybody has different ways of doing different things and the concept of portfolio management is all about choosing the right projects and investments that the organisations need to take on so that they can achieve their overall goals easily and efficiently. But on the other hand, paying proper attention to the methodologies used in the whole process is also very much important and one of those greatest styles is lean portfolio management. This is considered to be an enterprise-wide theory that is a very smart and simple way of keeping track of all the stuff with which the organisations has to play with.
Lean portfolio management is a business philosophy rather than a tool. And can be applied to every organisation because of the efficiency and effectiveness associated with it. In the world of management several kinds of teams come up with excess waste element in the form of unnecessary planning, unproductive meetings and several other kinds of things which is the main reason the deployment of the basic principles of lean portfolio management is very much important and following are some of those principles that will help in providing the organisations with several kinds of advantages in the long-run:
Some Lean Portfolio Management Advantages in the Long-run
- The organisations need to identify the customers and specify value so that identification of objectives becomes very easy and based upon set criteria. Choosing the right project will always make sure that the needs of the customers are satisfied and stakeholders have a clear-cut idea about what to do.
- Identification and mapping of the value stream is another very important thing to be taken into consideration so that organisations always finish and take up the right projects by properly understanding the value stream. With the identification of all these kinds of things, the organisations will always operate in a very safe environment that will help in saving a lot of time.
- Creating a value flow and eliminating waste is also very much important because after eliminating the waste the organisations will be able to create a complete value flow that will make sure that resources will be efficiently processed and will make sure that every step of production, management and selection will be wastage free.
- Another critical principle of the lean portfolio performance is to make sure that organisations always respond to the customer pool which means that reacting to the demand without wasting resources, time or money of the organisation is the very basic thing to be undertaken. Moderating the flow of products depending upon demand for the team is also very much important so that projects are completed on time.
- Another very important element of the lean management philosophy is that perfection should be perceived by the organisations all the time so that there is no issue at the later stages and everything is perfectly undertaken.
Hence, LPM certification will also teach the people about implementing all the above-mentioned principles perfectly so that portfolio strategy and budget are always aligned with each other and help in delivering the best possible value without any kind of wastage throughout the process. Hence, lean portfolio management is well known to streamline the whole management process.