Businesses are gradually shifting to agile frameworks to help them control costs while efficiently providing value and agility. They still require more structure to organize agile teams and enhance their utilization. Starting with Lean Portfolio Management can be a difficult task for portfolio executives in any company. SAFe® Lean Portfolio Management (LPM) using Scaled Agile Framework® (SAFe®) comprises extremely clearly defined procedures, operations, and principles. The professionals who have completed the SAFe® Lean Portfolio Management (LPM) training have in-depth knowledge and awareness about the best practices and principles of LPM.
SAFe® Lean portfolio management (LPM) is a position with the top level of decision-making competence and accountability for attaining overall superior business results. LPM is also one of the seven fundamental capabilities required of organizations seeking Business Agility. LPM is an organization’s nerve system, allowing it to integrate strategy with execution. It does this by utilizing Lean and Systems Thinking techniques. SAFe® Lean Portfolio Management adoption demands participation from organizational leaders.
Traditional approaches to portfolio management simply cannot compete in today’s global market, where digital innovation is the standard. SAFe® Lean Portfolio Management is fundamentally different since it demands companies to organize people around value and then complete specific tasks through long-lived Agile teams and teams of teams. When applied appropriately and supported by top executives within the business, the Lean-Agile methodology may result in substantial improvements in time-to-market, quality, productivity, and engagement.
Here are the steps to implementing SAFe® Lean Portfolio Management and obtaining its advantages:
The role of individuals who have completed the SAFe® Lean Portfolio Management (LPM) certification focuses on strategy and fund management, Lean governance, and Agile operations. PPM executives must select the proper professionals for each priority area, with experience in:
They may guarantee that the Agile program management office (APMO) understands agile ideas, fundamental SAFe® terminologies, LPM events, and traditional PMO functions like data gathering, analysis, and reporting, among other things. Knowledge-sharing may be made more collaborative and successful by a well-trained APMO.
Portfolio Kanban enables the person SAFe® Lean Portfolio Management (LPM) course to observe and control the flow of work from conception through execution and completion dynamically. Although very simple to build, a Kanban board is an extremely effective tool for identifying improvement possibilities by displaying bottlenecks in each state. In addition to Portfolio Kanban, offer execution assistance while using decentralized strategic planning and knowledge workers’ inherent drive.
Any new large business or technological ideas are driven via the funnel. These ideas may come from strategy difficulties, ARTs or teams, or consumer and partner proposals.
Because epics are among the most substantial corporate expenditures, the epic must be sponsored and its objective and meaning must be defined. This occurs at the reviewing stage and is the Epic Owner’s duty.
Promising epics are drawn into analysis when the Epic Owner has the appropriate capacity and there is a position available within the WIP limit. Epics that reach this point require more serious examination and investment.
Epics with the highest Weighted Shortest Job First (WSJF) in the analyzing state are sent to the next state, portfolio backlog, as soon as there is room. This is a low-cost ‘wait state’ in which epics are examined and ranked on a regular basis by updating the WSJF and other pertinent criteria.
When enough capacity is available from one or more ARTs, the epics with the greatest WSJF proceed to the Implementing: MVP state.
If the hypothesis is confirmed, the epic moves on to Implementing: Persevere will persevere, and teams will continue to create new features and capabilities for the epic. ARTs manage the increased investment through the Program Kanban’s continuous feature selection in several value streams.
LPM, like traditional portfolio management, necessitates a series of activities to establish a cycle for assessing and ranking proposed work.
Appropriate stakeholders can participate in these meetings and benefit from the APMO’s portfolio analytics and other insights. As a result, it is vital to invest in building a strong metrics competence.
This incident is more operational in nature than strategic. It offers information on how the program’s execution is going.
This event enables portfolio stakeholders to weigh in on how much money should be invested in particular initiatives, and so on.
Strategic Portfolio Review
The primary goal of this event is to confirm that the team is progressing toward its portfolio vision. Once per quarter is the recommended frequency.
The organization has the freedom to discover the optimum blend of work styles, finances, and planning cycles with Lean Portfolio Management methods enabled. Organizations must be both adaptable and reliable in their products or solutions offering to get the most out of their portfolios. The project management office (PMO) is in a great position inside the business to spearhead the transformation, thanks to individuals who have the SAFe® Lean Portfolio Management (LPM) certification.