Lean project management is the operation of lean manufacturing fundamental to the practice of project management. It has the one major goal is to boost value while reducing waste. In the year 1950, Toyota developed lean manufacturing principles. “Lean” is the term that was first introduced in the year 1980. In the words of the project management institute, Lean Project Management is “to be Lean is to impart what is required, when it’s required, with the least amount of space, labour, equipment, and materials”.
Accurate utilization of Lean techniques will help in reducing waste in projects, generates great customer satisfaction, and upgrade profit. Some of companies use this technique and gained excellent results from the Lean methodology, Motorola and Toyota are the best examples of this.
At this current time, generating more production with minimum waste is becoming more challenging. The demand for young and professional employees is increasing who can follow the Lean techniques and methodology to produce more profit margin. As a project manager, you need to try lean management to create maximum profit by minimizing waste. Such techniques and methodology are taught by the professor at the university. University allows them to learn more and innovative ways to improve production.
5 Solid Principles of Lean Project Management
James P. Womack and Daniel T. Jones introduced five solid principles of Lean Project management in their book Lean Thinking (1996). These 5 principles can apply the lean concept to project management. These principles are the spine of profit generation.
- Value: Value is something that a customer is willing to pay. The one major step is here to identify the difference between non-value-added and value-added. It is consistently expressed by the needs of consumers.
- Value Stream: It includes all the activities both non-value-added and value-added. After setting the value, mapping the value stream is the next major step. Value stream mapping is a basic but shocking case that points out all the major and minor actions that take a service or product through any means.
- Flow: Distance, velocity, and complexity and the three main elements of flow. After the first and second steps, flow is the step that creates constant flow by removing interruptions, backflows, and reworks.
- Pull: It needs great flexibility. As per Lean management principles, the project manager must take action when customers order. The problem that arises here is the neglect to deliver value before the customer requests it.
- Perfection: Perfection is the last step that chases perfection. It leads to a transformation to a lean culture. Following perfection is make your production better and removes final waste that initially increases your production.
Major Benefits of Lean Project Management
It is the best technique for an organization to identify its waste and convert it into profits. Firstly it was adopted by big companies like Motorola and Toyota but nowadays it is widely spread all around the production process. It has various benefits such as;
- Greater Quality
- Decrease Lead Time
- Decreased Overall Cost
- Lower Inventory
- Storage Cost
- Increase Productivity
- Higher Customer Satisfaction
- Optimum use of Available Resources
- Generate More Profit
- Regular Improvement in the Production process
Lean project management is an essential topic for project management students. It helps the learners to learn more innovative and unique techniques to generate more profit by utilizing waste (transportation, inventory, over-processing, motion, etc.). The work of the project manager is to follow the Lean methodology in project management. The subject also allows the students to think beyond the prescribed manner of increasing productivity. In this course, they will encounter Lean Startup, Lean Product Development, Lean Construction, Lean Software Development, KANBAN, Agile Management, and Agile Software Development.
Is Lean Project Management Important for the Students of Project Management?
Lean project management is an essential topic for project management students. It helps the learners to learn more innovative and unique techniques to generate more profit by utilizing waste (transportation, inventory, over-processing, motion, etc.). The work of the project manager is to follow the Lean methodology in project management. The subject also allows the students to think beyond the prescribed manner of increasing productivity. In this course, they will encounter Lean Startup, Lean Product Development, Lean Construction, Lean Software Development, KANBAN, Agile Management, and Agile Software Development. It also taught them the main methodology of Lean management. Lean Six Sigma, Deming cycle, and Kanban are the methodologies of lean management.
Need Lean Project Management Assignment Service?
As it is an important aspect of management studies. Students who choose the field of project management need assignment help for submitting flawless assignments and gaining rich knowledge from experts. Here they gain appropriate knowledge and polish their innovative skills. Generally, in colleges and universities assignments and projects are highly focused as they are the best way to enhance their knowledge and skill. In case you need any further information about Lean project management, feel free to contact the team of Management Assignment Help. They are always available to help you in all possible ways.