Final answer:
The Lean Portfolio Management function is responsible for agile portfolio operations, which includes budgeting, planning, and metrics that measure progress and performance. Budgeting involves the distribution of resources in alignment with strategy, and metrics provide a quantitative basis for informed decision-making and tracking portfolio health.
Step-by-step explanation:
The Lean Portfolio Management (LPM) function is a critical aspect of Lean-Agile enterprise and is responsible for aligning strategy and execution by applying Lean and systems thinking approaches to strategy and investment funding, agile portfolio operations, and governance. The question refers to what LPM is primarily responsible for besides strategy and investment funding, and governance. The answer is agile portfolio operations, which involves budgeting, planning, and supporting execution with the appropriate metrics to measure progress and performance.
Budgeting is foundational to LPM, as it involves the economic framework for value streams, allocating resources to different value streams based on strategy, and ensuring the portfolio operates within its financial constraints. Metrics within LPM provide the quantitative basis for decision-making, help ensure that investments align with business objectives, and track the health and progress of portfolio initiatives. Monitoring these metrics enables an organization to adapt its strategy and investment decisions in a timely manner, ensuring agility and responsiveness in a competitive market. Agile Portfolio Operations also includes the continuous exploration of strategic direction, prioritizing epics, and providing resources and tools for Lean-Agile budgeting and forecasting.