![]() Whether you’re managing a project or a portfolio, you can use these principles to identify weaknesses in your processes and remove anything that doesn’t add value to your project. Map the value stream: Diagram your workflow and compare it to your ideal workflow.Ĭreate flow: Remove waste from your workflow to promote efficiency.Įstablish pull: Pull work from the previous process stage to move it through the project life cycle.Ĭontinue to improve: Make continuous improvements to your workflow. Identify value: Determine the value of your product or service. There are five principles (or steps) that make up the lean methodology: ![]() ![]() Japanese engineers first developed the lean methodology at Toyota, but John Krafcik-president and CEO of Hyundai Motor America- introduced lean to project management in his 1988 article titled, “Triumph of the Lean Production System.” The lean methodology seeks to minimize waste in your organization’s workflow and increase customer value. In this piece, we’ll explain how you can implement lean portfolio management to streamline your processes. The lean methodology quickly took off, and other industries started to apply these principles to their project workflows. Lean management began when engineers at Toyota created a system to reduce waste in their manufacturing line. LPM was inspired by the lean methodology, which started small but quickly spread to the masses. Lean portfolio management (LPM) is a new way of managing company portfolios to increase efficiency and boost customer satisfaction.
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