Lean Portfolio Management and Scaled Agile Framework Service Management Test Kit (Publication Date: 2024/02)

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Description

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Discover Insights, Make Informed Decisions, and Stay Ahead of the Curve:

  • How does lean agile Program & Portfolio Risk Management differ from traditional risk management?
  • How do you improve the project completion rate of your organizations portfolio?
  • How can agile and lean principles be applied to the demand management practice?
  • Key Features:

    • Comprehensive set of 1500 prioritized Lean Portfolio Management requirements.
    • Extensive coverage of 142 Lean Portfolio Management topic scopes.
    • In-depth analysis of 142 Lean Portfolio Management step-by-step solutions, benefits, BHAGs.
    • Detailed examination of 142 Lean Portfolio Management case studies and use cases.

    • Digital download upon purchase.
    • Enjoy lifetime document updates included with your purchase.
    • Benefit from a fully editable and customizable Excel format.
    • Trusted and utilized by over 10,000 organizations.

    • Covering: Agile Ceremonies, Agile Principles, Agile Governance, Demo And Review, Agile Manifesto, Scrum Backlog, User Feedback, Lean Thinking, Planned Delays, Decentralized Decision Making, Sprint Review, Test Driven Development, Enterprise Solution Delivery, Burn Down Chart, Squad Teams, Sprint Retrospective, Agile Transformation, Agile Program Management, Scaled Solution, Quality Assurance, Value Stream Identification, Retrospective Meeting, Feature Writing, Business Value, Capacity Planning, Testing Automation Framework, Acceptance Criteria, SAFe Overview, Product Development Flow, Organizational Change, Iteration Planning, Product Backlog, Agile Coach, Enterprise Strategy, Prioritized Backlog, Daily Stand Up, Agile Methodologies, Definition Of Done, Intentional Communication, Value Stream Mapping, Inspect And Adapt, User Story Mapping, Agile Metrics, Kanban Method, Scrum Events, Agile Release Train, Sprint Execution, Customer Focus, Scaled Agile Framework, Resource Allocation, Customer Centric, Agile Facilitation, Agile Process Improvement, Effective Communication, Capacity Allocation, Value Stream Alignment, Minimal Viable Product, Sprint Planning, Collaborative Planning, Minimum Viable Product, Release Testing, Product Increment, Scrum Team, Scaled Agile Coach, Technical Debt, Scrum Of Scrums, Lean Agile Leadership, Retrospective Actions, Feature Prioritization, Tailoring Approach, Program Increment, Customer Demos, Scaled Agile Implementation, Portfolio Management, Roadmap Prioritization, Scaling Agile, Lean Portfolio Management, Scrum Master, Continuous Delivery Pipeline, Business Agility, Team Of Teams, Agile Leadership, Agile Artifacts, Product Owner, Cadence Planning, Scrum Retro, Release Roadmap, Release Planning, Agile Culture, Continuous Delivery, Backlog Grooming, Agile Project Management, Continuous Integration, Growth and Innovation, Architecture And Design, Agile Training, Impact Mapping, Scrum Methodology, Solution Demo, Backlog Prioritization, Risk Management, User Stories, Individual Growth Plan, Team Capacity, Agile Development Methodology, Dependencies Management, Roadmap Planning, Team Development, IT Systems, Process Improvement, Agile Adoption, Release Train, Team Velocity, Milestone Planning, Fishbone Analysis, Agile Retrospectives, Sprint Goals, PI Objectives, Servant Leadership, Security Assurance Framework, Incremental Delivery, Dependency Management, Agile Mindset, Lean Budget, Epic Board, Agile Portfolio, Continuous Improvement, Scaled Agile Team, Vision Statement, Innovation And Experimentation, DevOps Automation, Program Increment Planning, Release Approvals, Risk Mitigation, Business Agility Assessment, Flow Kanban, Goal Realization, SAFe Transformation, Retrospective Analysis, Agile Budgeting, Automated Testing, Team Collaboration

    Lean Portfolio Management Assessment Service Management Test Kit – Utilization, Solutions, Advantages, BHAG (Big Hairy Audacious Goal):


    Lean Portfolio Management

    Lean Portfolio Management focuses on minimizing waste and maximizing value by utilizing lean principles in managing risks across programs and portfolios. It differs from traditional risk management by incorporating an agile approach that promotes flexibility, collaboration, and continuous improvement.

    1. Lean agile Program & Portfolio Risk Management takes a proactive approach to identifying and mitigating risks, rather than reacting to them as they occur.
    2. It focuses on continual improvement and learning, as opposed to a one-time risk assessment.
    3. Lean agile Program & Portfolio Risk Management uses lightweight tools and techniques, such as risk boards and regular risk reviews, to maintain visibility and transparency.
    4. It involves collaboration and communication across all levels and functions of the organization, promoting a culture of shared responsibility for risk management.
    5. This approach ensures risks are managed in real-time, rather than being addressed only during specific review periods.
    6. It allows for flexibility and adaptability, so risks can be prioritized and managed based on their severity and impact.
    7. Lean agile Program & Portfolio Risk Management encourages early identification and mitigation of risks, reducing the likelihood of them impacting project delivery or portfolio outcomes.
    8. This method also helps to build trust and alignment between different teams and stakeholders, as everyone is involved in managing risks together.
    9. By continuously managing risks, lean agile Program & Portfolio Risk Management promotes a more stable and predictable flow of value delivery.
    10. It integrates with other Scaled Agile Framework practices, such as Agile Release Trains and Lean Budgets, to provide a comprehensive risk management strategy at the program and portfolio levels.

    CONTROL QUESTION: How does lean agile Program & Portfolio Risk Management differ from traditional risk management?

    Big Hairy Audacious Goal (BHAG) for 10 years from now:
    Big Hairy Audacious Goal: By 2030, Lean Portfolio Management will transform the way organizations manage risk, enabling them to respond quickly and effectively to changing market conditions and emerging threats, ultimately leading to increased business agility and sustained success.

    Traditional risk management approaches are often characterized by lengthy processes, rigid hierarchies, and siloed decision-making, leading to an inability to effectively manage risks in a dynamic and complex business environment. On the other hand, Lean Agile Program & Portfolio Risk Management takes a holistic, lean and agile approach to identify, assess, and mitigate risks at all levels of the organization.

    Some key differences between the two approaches are:

    1. Emphasis on continuous risk identification and management:
    Traditional risk management tends to rely on annual or periodic risk assessments, which can miss new and emerging risks. Lean Agile Program & Portfolio Risk Management, on the other hand, employs continuous risk management techniques, such as daily standups, retrospectives, and value stream mapping, to identify and address risks in real-time.

    2. Collaborative and cross-functional risk management:
    Lean Agile Program & Portfolio Risk Management promotes collaboration and transparency across teams and departments, enabling a more comprehensive and cross-functional approach to managing risks. This helps in identifying interconnected risks and taking a unified approach to mitigate them.

    3. Flexible and adaptive risk responses:
    Traditional risk management often relies on pre-defined risk response plans, which may not be effective in rapidly changing business environments. In Lean Agile Program & Portfolio Risk Management, risk responses are flexible and adaptive, allowing organizations to quickly pivot and respond to emerging risks.

    4. Empowered decision-making:
    Lean Agile Program & Portfolio Risk Management empowers teams and individuals to make risk-based decisions, instead of relying solely on a centralized authority. This leads to faster and more effective risk management, as those closest to the risks are better equipped to respond and make informed decisions.

    Overall, Lean Agile Program & Portfolio Risk Management enables organizations to embrace a culture of continuous improvement and adaptability, which is essential for long-term success in today′s volatile business landscape. With this approach, organizations can stay ahead of the curve and confidently face any challenges that come their way.

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    Lean Portfolio Management Case Study/Use Case example – How to use:

    Client Situation:
    Our client, a large multinational corporation in the technology industry, was struggling with their traditional approach to program and portfolio risk management. The company had a highly siloed organizational structure, with different departments responsible for their own projects and portfolios. This resulted in a lack of visibility and coordination across the organization, leading to duplication of efforts and missed opportunities. As the company expanded its operations and adopted agile methodologies, it became evident that their traditional risk management approach was no longer effective in the fast-paced and dynamic environment.

    Consulting Methodology:
    To address the client′s challenges, our consulting firm proposed the implementation of Lean Portfolio Management (LPM) framework, which is specifically designed for agile organizations. LPM is a key component of the Scaled Agile Framework (SAFe), which provides a comprehensive, scalable, and customizable approach to implementing lean practices at the enterprise level. Our methodology consisted of multiple steps, including current state assessment, strategy alignment, portfolio governance, and continuous improvement.

    Deliverables:
    The initial phase of the project focused on conducting a thorough analysis of the client′s current state of portfolio and program risk management. This involved reviewing existing policies, processes, and tools, as well as conducting interviews with key stakeholders to understand their pain points and expectations. The next deliverable was the development of a risk management strategy aligned with the company′s overall business goals and objectives. This included defining clear roles and responsibilities, establishing standard templates and metrics for risk assessment, and identifying the appropriate decision-making authority. We also helped the client establish a portfolio governance structure, with regular check-ins to review portfolio risks and make data-driven decisions.

    Implementation Challenges:
    One of the most significant challenges we encountered during the implementation was the cultural shift required by the LPM framework. For years, the client had been following a traditional risk management approach, and it was challenging for them to embrace a lean and agile mindset. To overcome this challenge, we organized workshops and training sessions to educate all levels of the organization on the benefits and principles of LPM. We also worked closely with senior leadership to ensure their buy-in and support for the new approach.

    KPIs:
    To measure the success of the implementation, we defined key performance indicators (KPIs) in collaboration with the client. Some of the KPIs included in our measurement framework were:

    1. Number of risks identified, assessed, and mitigated at the program and portfolio level
    2. Increased speed to market due to improved risk management practices
    3. Reduction in the number of high-priority risks across portfolios
    4. Overall improvement in return on investment (ROI) and time-to-market for projects and programs

    Management Considerations:
    The introduction of the LPM framework brought significant changes to the client′s risk management processes, which required strong change management to ensure successful adoption. We implemented regular reviews and feedback sessions to monitor progress and address any concerns or challenges faced by the organization. Additionally, we worked closely with the client′s internal risk team to build their capabilities in agile risk management and ensure sustainability beyond the project′s completion.

    Citations:
    1. Scaled Agile, Inc. (2021). Lean Portfolio Management. Retrieved from https://www.scaledagileframework.com/lean-portfolio-management/
    2. Diedrich, J. & Pichitkul, T. (2017). Lean Program and Portfolio Management. Cutter Business Technology Journal, 30(6), 20-27.
    3. Gartner. (2019). Implementing Lean Portfolio Management for Agile Innovations. Retrieved from https://www.gartner.com/en/documents/3973422/implementing-lean-portfolio-management-for-agile-innovati
    4. SAFe Community Platform. (2020). Scaled Agile Framework® Big Picture. Retrieved from https://safe.scaledagileframework.com/
    5. Licata, F., & Trovato, C. (2018). Enterprise Risk Management in Agile Environments: A Review and a Roadmap for Future Research. Sustainability, 10(6), 1816.

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