The document discusses applying lean principles to improve IT project management and processes. It defines lean as the elimination of waste and continuous improvement. The key lean principles include specifying value from the customer perspective, identifying value-adding steps, making processes flow smoothly, and allowing customers to pull value. Examples of waste in traditional IT project management are then presented, such as long wait times between phases and defects requiring rework. Lean solutions for reducing waste, such as concurrent reviews, test-driven development, and limiting rework by producing requirements incrementally, are proposed. Overall, applying lean thinking can help IT projects optimize value and efficiency through waste elimination.