Lean Portfolio Management: What Is the Primary Focus?
When it comes to lean portfolio management, what is the primary focus? If youre asking yourself the same thing, simply click here today!
Keyword(s): lean portfolio management
By 2025, the global market for online training will have reached $300 billion in value.
With the continuing proliferation of information technology, more and more people are turning to their computers as a source of instruction on various topics. Those seeking greater business acumen in the software development space are no different.
Lean Portfolio Management is a concept that has gained importance over the years. Now, you can learn its principles through online training courses.
Read on to learn more about the application of the concept in the modern world of commerce.
What Is Portfolio SAFe?
Lean Portfolio Management is one element of a broader software development management approach known as Portfolio SAFe.
SAFe stands for Scaled Agile Framework. This concept refers to workflow patterns that allow managers to take management concepts that work on a micro-level. They can then scale them up for use across multiple teams.
SAFe management principles are applicable in a range of different disciplines.
Those that can benefit from our instruction here include solution architects, system architects, scrum managers, and more.
Along with Lean Portfolio Management, SAFe consists of the Continuous Learning Culture Competency and the Organizational Agility competency.
What Is Lean Portfolio Management?
Lean Portfolio Management refers to the alignment of strategy and execution. This is important, as it is something that executives frequently fail to do. The consequences of a shortcoming here can be disastrous for businesses.
The idea arises from the general concept of Lean principles. These principles were first outlined by Mary and Tom Poppendieck in 2003.
There are seven broad principles, which weve outlined here.
Elimination of waste is a key consideration in all areas of business. In the SAFe framework, waste refers to anything that does not add value for the customer.
Elimination of such waste is achieved by avoiding task switching and relearning, and leaving no work partially done.
Because software development is a continuous process, constant learning is essential. When writing code, you can achieve learning amplification through short iteration cycles and continuous testing.
The goal of software development is the function, rather than adherence to pre-arranged guidelines. Therefore, the continuous accumulation of new information from testing is vital to the process.
Decide as Late as Possible
There is always a degree of uncertainty associated with software development. For this reason, it is beneficial to delay decisions until the latest possible moment.
This ties in with the use of short iteration cycles. The greater the number of iterations, the more frequent the feedback, and the better able developers and testers are to address shortcomings in the development framework.
Deliver as Fast as Possible
Software continues to develop at speed.
Because of this competition to come up with solutions first, a development business must always focus on haste. It is no use coming up with a brilliant software solution if your rivals come up with something equally as good first.
This ties in with the practice of using short iteration cycles. It is better to finish something quickly and have more time to address the resulting defects than to do it slowly and have less time to see to them.
Empower the Team
As the business world modernizes, there has been an increasing focus on the devolvement of responsibility to individual workers. This ethos has begun to replace the traditional framework whereby a single manager told each employee exactly what to do, and how to do it.
The advantage of this is flexibility. When individual operatives have the authority and skill to make important decisions without input from a manager, this streamlines the process.
Build Integrity In
Integrity is something that is key to every business. If your customers cant trust what you offer them, they wont be willing to do business with you in the future.
There are a number of ways to cultivate integrity as a software developer. One of the most important is transparency.
Your customers may have little or no understanding of software. If you make the effort to explain your processes to them, they will appreciate this.
This is significant in terms of pricing. Customers appreciate the opportunity to see how their money is being spent. It also assures them that youre not ripping them off.
Optimize the Whole
For your Lean Portfolio Management to succeed, you have to take a holistic approach. This means working out difficulties in relation to the interactions between different parts of your business, rather than just within the parts themselves.
How To Apply Lean Principles in Your Software Development Business Dealings
These principles are quite general in nature. You will need to customize them so that they apply to your business.
Many software development outfits are start-ups. Such companies have little market exposure or experience, and will, therefore, have to address challenges as they come up.
In one company, the challenge might be to upskill all employees in such a way that they can address significant issues. For another, it might be working on the approach to transparency so that customer confidence is maximized.
Find your weakest points and work on them first.
Streamlining Your Approach to Maximize Your Results
Portfolio management in the modern-day and age presents a unique set of challenges. In order to succeed in software development, or in any other type of business, youll need to learn to get around these efficiently.
Lean Portfolio Management, as part of the broader Portfolio SAFe framework, can help you to do this.
If youre interested in an online, instructor-led course to educate your workforce in these principles, contact us today.