Cognizant 20-20 Insights

Making Lean the Dean of IT Portfolio

Management
By prioritizing practices that drive organizational agility and value
creation, IT can build and deploy software and services that are more
tightly aligned with the ever-changing business requirements of todays
dynamic digital marketplace.

Executive Summary
Amid the hypercompetitive global economy, Agile
software development has emerged as a proven
way to rapidly launch business-aligned software
and services. Despite considerable momentum,
however, we still find that organizational decisionmaking and governance methods have remained
rooted in old practices tied to traditional design,
funding and execution models.
Customer-centric organizations recognize that
in todays fast-changing business environment,
Agile project methods and delivery are not
sufficient. To enable market differentiation, it is
time to turn the emphasis to scaling agility within
strategic- and portfolio-planning processes.
In our engagements assessing enterprise project
and portfolio management (PPM) capabilities,
we have found numerous instances of organizations applying a legacy mindset to portfolio
management, using waterfall-based, phased
budgeting and planning cycles. This creates a
drag on Agile teams, many of whom are trained
to deliver quicker, better and less expensive

cognizant 20-20 insights | december 2016

products to keep their organizations viable in

todays dynamic digital marketplace.
Lean-Agile portfolio (LeAP) management
introduces techniques for organizing work in Agile
organizations from portfolios to teams, providing
the visibility needed to ensure alignment and
success with future initiatives. The goal of this
approach is to demystify what happens in large
enterprises in which various interdependencies
can derail success with Agile.
This white paper reveals how Lean practices,
applied to portfolio management, can help bridge
the gap between Agile teams and management
and create a winning digital enterprise. It also
highlights the drawbacks of traditional portfolio
management, and discusses how Lean values
and principles can be applied to design a LeAP
program management framework for prioritizing
organizational thinking. We also identify practices
that drive organizational agility and value
creation using portfolio, programs and teams in a
change-driven world.

Mismatch between Teams and Executives1

Topic

Agile Teams

Executive Management

Execution Style

Focus is on how to do it.

Focus is on what to do.

Objective

Quick response to market

requirements.

Strategic alignment and meeting business needs.

Planning

Iterative and incremental.

Predictive and prescriptive.

Roadmap &
Two sprints (approximately four
Release Visibility weeks out).

Two to four quarters (about six to 12 months out).

Key Practices
and Artifacts

User stories, epics, velocity, story

points, tasks and sprints.

Timelines, roadmaps, priorities, releases, strategy

and alignment.

Desires

Accelerated time to market, reduced cost, higher quality.

Figure 1

But First, Some Definitions

According to the Project Management Institute,
a portfolio is a collection of programs, projects
or operations that are managed as a group
to achieve strategic objectives.2 Portfolio
management is the coordinated management of
one or more portfolios to achieve organizational
strategies and objectives. Management processes
include evaluation, selection, prioritization and
allocation of limited resources to best accomplish
the strategic intent of the enterprise.
As portfolio management practices take hold,
they generate crucial contextual information
that feeds back to enterprise strategic planning,
altering current and future investment decisions.
A portfolio management capability3 answers the
following key questions:

Are our prioritizations in line with our company

targets and capitalization goals?

Are we working on the right things?

What work should we plan to do?
What expertise would we need to deliver our
plans?

Where are we spending our capacity?

What work is in process?

How much value are we planning to deliver?

When and how much value are we actually
delivering?

What

work should we kill, and where do we

re-direct our funds?

We have found that Agile teams and executive

management have different answers to these
questions due to their different focus areas (see
Figure 1) and are evaluated on different measurement parameters.
To address these mismatches, IT organizations must shift from a traditional portfolio
management approach that is administrationfocused to a value-driven portfolio management
operating model that is inclusive, lean and geared
toward leveraging decentralized decision-making.

A Review of Traditional Portfolio

Management
As depicted in Figure 2, traditional portfolio
management follows a rigid, phased approach
that moves from opportunity search to project
realization. This often results in delays and long
lead and cycle times. In addition, project selection
and fund allocation follow an annual cycle, with
resources and funds locked for the remainder of
the year.

OPPORTUNITY
SEARCH

OPPORTUNITY
VALIDATION

OPPORTUNITY
SELECTION

OPPORTUNITY
PRIORITIZATION

BUSINESS CASE/
PROJECT CHARTER

Opportunity
identification,
categorization
and elaboration
using enterprise
PPM tool.

Evaluation of
current opportunities based on
strategic
alignment.

Opportunity
selection based on
feasibility studies
and traditional
evaluation process
and models.

Prioritization
based on the
long-term horizon
plans, capacity
and available
funding.

Detailed business
case prepared
with cost, output
and milestone
commitments for
sponsor approval.

Figure 2

cognizant 20-20 insights

TYPICAL
ANNUAL CYCLES

TRADITIONAL

Traditional Portfolio Management4

Where Traditional Portfolio Management Practices Fail5

Maximize
Utilization
Widget
Engineering

Key resources dedicated to multiple projects.

No flexibility for changing priorities.

Practices

Big upfront design, analysis paralysis.

Fixed schedule & functionality planning;
difficult to change.

Problems

False agreement, no buy-in.

Misses IT innovation contribution.
No empowerment, lower motivation.

Order Taker
Mentality
Control through
Data

Fine-grain reporting slows value delivery.

Metrics do not reflect actual progress.

Control through
Milestones

Milestones report on intermediate artifacts.

Milestones do not reflect actual progress.

Annual Plan for

Projects

Project difficult to execute.

Long-term program commitments to justify
team members are a year out.

Figure 3

This model leads to practices depicted in Figure 3,

which can undermine an enterprises ability to
quickly respond to change. The results: missed
revenue opportunities and delayed ROI on
software development initiatives.
As a result, IT organizations need a new style
of portfolio management that incorporates the
following functions:6

IT organizations must shift from a

traditional portfolio management
approach that is administration-focused
to a value-driven portfolio management
operating model that is inclusive,
lean and geared toward leveraging
decentralized decision-making.
An objective, balanced and accepted process
to evaluate ideas and produce the next set of
prioritized initiatives.

Capacity management, which in the new model

takes into account the demand, supply and
resource constraints that impact portfolio
delivery.

Financial management, which now explores the

funding, investment opportunities and financial

returns from the overall portfolio.

Performance management, which continuously tracks progress against pre-defined metrics.

Governance, which ensures required gates and

processes are in place for effective decisionmaking, work allocation and on-demand performance reporting, with traceability from strategic
objectives to real value delivered by teams.

cognizant 20-20 insights

These capabilities, reinforced with best

practices, must be injected into existing portfolio
management, which leads to the creation of a
LeAP program management framework. In the
next section, we will more deeply explore LeAP
and what it entails.

Lean-Agile Portfolio Program

Management
First, let us consider the LeAP Manifesto7 (see
Figure 4, next page) that will drive the proposed
LeAP framework. The primary focus of LeAP is
to empower enterprise agility by limiting work
in process (WIP), prioritizing economic value
and promoting continuous delivery through
localized content authority and decision-making. 8 In addition, it is critical to incorporate
continuous feedback and improvement, using
fact-based lifecycle governance.

The primary focus of LeAP is to

empower enterprise agility by limiting
work in process, prioritizing economic
value and promoting continuous
delivery through localized content
authority and decision-making.
By following the LeAP manifesto, IT organizations can keep pace with the speed of digital
business, and adapt to changing internal and
external business requirements. Using LeAP, IT
can prioritize activities with the highest impact,
and allocate the right resources to getting work
done. LeAP also helps direct incremental funds to
where they would be most effective, with frequent
re-balancing across portfolios. A LeAP approach
also helps coordinate incremental delivery of pri-

The LeAP Manifesto

Priorities
Creating smaller,
good-enough plans
frequently.

Rationale
OVER

Creating large
and overly precise
plans upfront.

Helps the organization keep pace with the speed

of business, and adapt to internal and external
change.

OVER

Focusing
on resource
utilization and
efficiency.

Enables prioritization of the highest-impact

work, and allocation of the right resources.

Budgeting
dynamically, with
fiscal governance.

OVER

Funding projects
over longer
periods of time.

Helps the business direct incremental funds

where they have the most impact, with frequent
re-balancing across the portfolios.

Delivering
customer value fast
and frequently.

OVER

Delivering on-time
and on-budget.

Enables fast delivery of prioritized work, with

value reprioritization according to changing
portfolio context.

Minimizing risks
and forecasting
returns.

Enables delivery of incremental value in

timeboxes, with features allocated to teams for
delivery.

Delivering value
through stable and
predictable teams.

Delivering frequent,
incremental value.

OVER

Figure 4

oritized work, with near-constant value reprioritization within an ever-changing portfolio context.
The LeAP manifestos value and principles help
generate improvements that align the business,
portfolio and delivery arms of an organization.
The goal, as depicted in Figure 5, is to optimize
business value delivery, working in unison with
business priorities and the delivery teams
capacity for execution.
In essence, LeAP is like a train with containers
full of products running on an agreed-upon

schedule to deliver the materials to designated

train stations along the route. When the trains
containers are empty, it expects goods to be
delivered on a schedule that aligns with the
needs of the recipients. In LeAP terms, the train
is the portfolio, the containers are the programs,
the products are the minimum viable products
(MVP) released incrementally, the train stations
are the business units or end users, and the train
schedule is the roadmap. Every station submits
its demand request and expected timeline, based
on the available containers and expected cargo;
the train schedule is adjusted and finalized as

How LeAP Connects Business to Delivery via Portfolio Management

PORTFOLIO
Optimize Business Value
PPM drives program management
and governance.
Define and prioritize portfolio epics.
Measure and report progress on investment
spend.
Manage WIP using portfolio Kanban system.
Enable continuous improvements.

DELIVERY
Deliver Value Faster

BUSINESS
Sense and Respond to Change

PPM function supports and guides successful

strategy execution using programs and teams.
Institute decentralized, rolling wave
planning.
Develop self-managed Agile release trains.
Use cross-program epic prioritization.
Create lifecycle governance.

PPM leaders provide portfolio context

during portfolio strategy formulation.
Define strategic themes aligned with enterprise
strategy, technology and financial constraints.
Determine value streams and allocate budgets to them.

Figure 5

cognizant 20-20 insights

LeAP Engagement: A High-Level View

Strategic
Theme
Review

Portfolio Backlog

LEAN-AGILE

What are the

strategic theme
epics out there?

Program
Epics
Approval

Risk and issues

reported to
PPM leadership

Cross-program
epics prioritized

Revert to PPM
leadership for
approval

Epics grouped When will we

by MVP

deliver it?

MVP
Definition

Engagement
review

Global Epic
Prioritization

2
4

Program
epics review

How
should we
deliver it?

QUARTERLY
CYCLES

KANBAN PORTFOLIO
PULL

Figure 6

epics drive the resources needed for implementation, which must be closely managed using a
pull-based Kanban portfolio system.

the train travels through the stations and delivers

its products.
As Figure 6 illustrates, LeAP begins with a
portfolio backlog consisting of strategic themes
derived from the enterprise business strategy.
Each portfolio epic is decomposed into programspecific, implementable epics that are reviewed
and approved in an agreed-upon cadence, typically
every month or less.

Two-Part LeAP Framework

The LeAP framework has two parts (A and B) to
simplify and address specific goals and challenges
faced upstream (Part A) and downstream (Part B).
LeAP Part A, which is focused on connecting
enterprise strategy to portfolio strategic themes,
consists of three key components (see Figure 7):

The program epics are grouped into an MVP

that achieves the desired value with the shortest
possible increment. Epic scheduling across
multiple programs should undergo global epic
prioritization using the weighted shortest job
first (WSJF) technique. The highest ranked

Formulate business strategy.

Plan portfolio strategy.
Execute business strategy.

LeAP Part A Model (Enterprise to Portfolio Processes)

Portfolio Strategy Planning
(Should we work on it?)

Formulate Business Strategy

(Rolling forecast: quarterly)

Portfolio B N

Portfolio A

Enterprise

Enterprise
Strategy

Financial Goals

Enterprise
Business Drivers

Enterprise Budget

Strategic Intent

Return on
Investment

Prioritize
Epic

Market
Share

Constant
Feedback

Net
Promoter Score

Return on
Investment
Market
Share

Constant
Feedback

Net
Promoter Score

Strategic Theme
New Products

Strategic
Themes

Solution Demo

Portfolio B

Strategic Theme
Enhancements

Strategic Theme
Maintenance

Strategic Theme Epics Strategic Theme Epics Strategic Theme Epics

Portfolio
Context

Revenue vs.
Target

Portfolio
Context

Profit and
Cost

Customer
Satisfaction

Investment Tracking
and Reporting

4
Portfolio A
Budget

Revenue vs.
Target

Mission and Vision

Need to adjust 5
portfolio budgets?

Portfolio
Context

Customer
Satisfaction

Fiscal Governance
and Dynamic Budgeting

Competitive
Environment

Enterprise
What opportunities
exist?

Execute Business Strategy

(Program increments: 10 weeks)

4
3

Portfolio B
Budget

Strategic Theme
New Products

Portfolio B
Strategic Theme
Enhancements

Strategic Theme
Maintenance

Profit and
Cost

Strategic
Themes

Review
Checkpoint

Gates

Figure 7

cognizant 20-20 insights

Strategic Theme Epics Strategic Theme Epics Strategic Theme Epics

A Portfolio Strategy Planning Approach10

Portfolio stakeholders collaborating with executive leadership decision makers should
create a structured, repeatable process to drive strategic themes.
Workshop-Driven Approach
Strategic Theme

Strategic Intent

Investments
FY

Description

FY + 1

Lead market through

innovation

Technology Debt Reduction

Code refactoring to improve

software robustness.

15%

25%

Drive growth through

new product streams

New Product Development

New features development

that drive new sources of
revenue.

45%

55%

Reduce investment in
custom projects

Custom Projects

Required customizations to
protect existing customer
revenues.

25%

5%

Maintain share in
customer segments

Sustaining

Bug fixes and features to

improve product quality.

15%

15%

Figure 8
9

Formulate Business Strategy

Plan Portfolio Strategy

Based on available opportunities, executives and

fiduciaries with direct accountability of business
performance centrally formulate the enterprise
business strategy. Each enterprise will have
multiple portfolios with their own budget and
strategic themes, which in turn reflect that units
portion of the business strategy.

The input to this cadence-based crucial planning

exercise is the available enterprise budget;
enterprise business drivers and financial goals;
competitive environment, mission and core
values; and, most important, the portfolio context.
The output of this exercise is a breakdown of the
portfolio budget and a set of strategic themes.
Figure 8 reflects an example scenario.

A key input into the business strategy is the

portfolio context in which it operates, reflected
in performance measures such as ROI, customer
satisfaction, net promoter score, profit and cost,
revenue vs. target, and market share. Every
portfolio context is different and has a different
impact on the business strategy.

Execute Business Strategy

Based on the prioritized strategic themes and
budget allocation from the aforementioned
process, the strategic theme epics are handed
over to the related programs. There, they are
decomposed into program-specific epics that

The Epic Lead

Split portfolio
epics,
prioritize features

Initiate
development,
report progress

PRODUCT
MANAGEMENT

Establish dynamic
budgeting across epics

Ensure runway readiness

Synchronize
portfolio
priorities

EPIC LEAD

ENTERPRISE
ARCHITECT

AGILE
TEAMS

BUDGET GOVERNANCE
LEAD

Synchronize
strategic
themes
PPM

ENTERPRISE

Figure 9

cognizant 20-20 insights

LeAP Part B Model (Portfolio to Programs Stage)

Portfolio Program Planning

What are the

strategic theme
epics out there?

Value Delivery
Cross Scrum
Sprint

Cross-program
epics prioritized

Strategic
Theme
Review

10

Global Epic
Prioritization

Program Epics
Approval

Engagement
Review

Scrum of Scrums

Design (As
Needed)

Operational
Retrospective

Operational
Review

How can we
improve as
an Agile
organization?

How are we
doing as an
organization?
Are we
improving?

Program
epics review

System
Demo Day

User Story
Review
(PBR)

Are we
ready to
deliver?

11

MVP
Definition

How should
we deliver
it?

Escalated
impediments

Epics Grouped
By MVP

Revert to PPM
leadership for
approval

How will we
coordinate across
teams and
resolve
impediments?

When will we
deliver it?

6
Risk and Issues
reported to PPM
leadership

Impediment
Removal

Cross team sprint

dependencies

Shared
Services

Scrum Teams

Program

Portfolio

Portfolio Epics

Epic
Decomposition

Sea-level
stories for
scrum team

&

How will be
the work be
done?

User Story
Elaboration
User story
backlog

Gates

Delivery
Sprints

Release
queue

Continuous
Integration
Testing

Review
Checkpoint

12

Release
Certification

Deploy and
Launch

UAT
Launch Gate

Figure 10

can be implemented by delivery teams within

the programs.
As we see in Figure 9, each strategic theme epic
has an epic lead who drives it from identification
through portfolio prioritization and approval,
initiates epic development based on available
program capacities, and provides continuous
feedback on its progress to the portfolio
leadership.
LeAP Part B
Figure 10 illustrates LeAP Part B,11 which focuses
on connecting portfolio programs to the delivery
teams. The strategic theme epics queued in
the portfolio backlog are reviewed by portfolio
leadership and prioritized. The output is a
sequence of program epics based on priority and
grouped into MVPs.
During global epic prioritization, the high-level
scheduling of MVPs is conducted based on the
capacity of available teams within the chartered
programs. During program increment planning,
the teams decompose the epics into team-specific user stories that are sized and slotted into
upcoming iterations, which take into account the
inter-dependencies of the team.
These user stories are implemented and integrated
across teams by the system team at the program
level, and the integrated system is demonstrated

cognizant 20-20 insights

During program increment planning,

the teams decompose the epics into
team-specific user stories that are sized
and slotted into upcoming iterations,
which take into account the interdependencies of the team.
to stakeholders at higher pre-production environments. The feedback is looped back through the
programs into the portfolio strategy formulation
and planning process.

Looking Forward
To meet todays demand for faster and more business-aligned delivery of software and services,
enterprises must define and institute LeAP
program management practices that are built
on continuous planning cycles and data-driven
feedback. In our experience, this can help enterprises achieve greater visibility into the impact of
changing demands on operational performance
and keep pace with todays dynamic digital
economy.
Our proposed LeAP framework promotes best
practices and helps portfolio management teams
build the right product features, reduce in-flight
project activities, and more effectively prioritize
opportunities and capacity allocation.

LeAP Framework Best Practices12

1

Base prioritization on capacity,

cross-organizational impact and
value.
Derive strategic themes from
enterprise strategic intent.
Articulate portfolio epics for each
strategic theme as unit of atomic
business value.
Implement portfolio epics to deliver
value.

Align Portfolio with Value Streams

Lean-Agile Portfolio
Management

Establish Contextual KPIs

Traceable to Strategy

Build Portfolio Kanban System

To achieve an optimum, sustainable pipeline of value flow, apply

WIP limits and make work in
process visible.
Collaborate with development
teams to break down portfolio
epics into program-level epics and
user stories.
Continuously prioritize approved
epics using WSJF.

Integrate Vision and Ownership

Executives engage in holistic

planning and base their decisions
on corporate value.
Directly link strategy to the plan
and provide bi-directional
traceability.
Promote shared responsibility,
authority and accountability.
Define portfolio views by capability
or service.

Define KPIs for each level of

planning and their relationship
to execution KPIs to close
feedback loop.
Actively use performance data to
make adjustments on an objective,
fact-driven level.
Establish scalable enterprise-wide
PPM tool standards for decision
making and transparency.

Figure 11

In addition, the LeAP framework helps IT organizations achieve rolling-wave planning at appropriate
levels, from enterprise-level strategy planning to
team-level daily planning. This requires a unified
PPM and lifecycle management tool as a single
source of truth to achieve full transparency within
and outside the portfolio to every stakeholder.
The LeAP framework is a disciplined approach
for translating strategic aspirational goals into
realistic execution plans that can be implemented as a set of best practices (see Figure 11).
Companies can begin the transition to LeAP
program management by focusing on the four
quadrants depicted in Figure 11 and following
them clockwise, beginning with portfolio prioritization and alignment with value streams;
moving to building a portfolio Kanban system
for complete transparency and tracking; then on
to integrating vision and ownership; and finally
to establishing KPIs that report results against
enterprise strategic goals.

cognizant 20-20 insights

The proposed LeAP framework has been successfully applied at many of our Fortune 500
financial services and insurance clients. The
best approach is to perform a global assessment
at the enterprise level of current portfolio
management practices to identify immediate
challenges and gaps in the LeAP framework
building blocks. The next step is to define the
LeAP portfolio management strategy roadmap
to address the identified gaps in iterations.
By doing so, organizations can customize the
framework and enable continuous improvement
through constant feedback from portfolio stakeholders, program management and teams. Agile
offers many benefits and opportunities for the
digital age, and adopting a LeAP framework can
help organizations realize those goals through
better decision-making and improved Agile
project ROI.

Footnotes
1

Agile Plus Portfolio Management: Bridging the Gap Between Agile Teams & Management, Innotas, 2014,
https://www.innotas.com/wp-content/uploads/2014/09/Final-WP-agile-portfolio-management_050614.
pdf.

The Standard for Portfolio Management, Third Edition, Project Management Institute, 2013, http://marketplace.pmi.org/Pages/ProductDetail.aspx?GMProduct=00101388901.

Jochen Krebs, Agile Portfolio Management, Microsoft Press, 2008, https://www.amazon.com/Agile-Portfolio-Management-Jochen-Krebs/dp/0735625670.

Agile Project Portfolio Management, KPMG, May 2016, http://agilesummit.harrisburgu.edu/lib/pdf/AgileProjectPortfolioMgt_Presentation_May-6-2016-to-HU.pdf.

Agile PPM in the Scaled Agile Framework: Eight Transformational Patterns, Leffingwell LLC, https://scalingsoftwareagility.files.wordpress.com/2011/12/agile-portfolio-management_rally-keynote-pptx.pdf.

Kenny Rubin, Agile 2013: Strategies for Agile Portfolio Management, Innolution, Aug. 6, 2013, http://www.
innolution.com/resources/presentations/agile-2013-strategies-for-agile-portfolio-management.

Agile Portfolio Management for a Fast Paced World, CA Technologies, https://www.ca.com/us/collateral/

ebook/agile-portfolio-management-for-a-fast-paced-world.register.html.

Ibid.

SAFe 4.0 for Lean Systems and Software Engineering, Scaled Agile, http://scaledagileframework.com/.

10

Agile Project Portfolio Management, KPMG, May 2016, http://agilesummit.harrisburgu.edu/lib/pdf/AgileProjectPortfolioMgt_Presentation_May-6-2016-to-HU.pdf.

11

Agile PPM in a Scaled Agile Framework: Eight Transformational Patterns, Leffingwell LLC, https://scalingsoftwareagility.files.wordpress.com/2011/12/agile-portfolio-management_rally-keynote-pptx.pdf.

12

Agile Project Portfolio Management, KPMG, May 2016, http://agilesummit.harrisburgu.edu/lib/pdf/AgileProjectPortfolioMgt_Presentation_May-6-2016-to-HU.pdf.

cognizant 20-20 insights

About the Author

Pranay K. Chanda is a Senior Agile Coach within Cognizants Agile Practice. He has been a Lean-Agile
strategist, Agile Leader and Change Agent, with over 20 years of experience on accelerated solution
delivery of large-scale, complex systems integration programs using scaled Agile methodologies in the
healthcare, insurance, retail, and banking and financial services industries.
As a thought leader, Pranay helps clients along their Agile transformation journey, working closely
with the portfolio and programs teams to deliver results using programs within portfolios; formulate a
portfolio management strategy and organization design; define and integrate a DevOps strategy; and
lead change identification and governance to provide greater speed and enhanced outcome and quality
in the delivery process to adjust to evolving business needs.
Pranay has deep expertise in helping clients sustain beyond the Agile transformation roadmap; perform
assessment across the enterprise Agile landscape; define and govern the change management leadership
council; and establish and drive new initiatives through coaching hubs, communities of practice and engineering excellence knowledge hubs. He has deep experience in conducting Agile fitment and maturity
assessment, Lean Agile portfolio management target state modeling and roadmap definition. Pranay
can be reached at [email protected].

About Cognizant
Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business
process services, dedicated to helping the worlds leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that
embodies the future of work. With over 100 development and delivery centers worldwide and approximately 255,800 employees as of September 30, 2016, Cognizant is a member of the NASDAQ-100, the
S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and
fastest growing companies in the world. Visit us online at www.cognizant.com or follow us on Twitter: Cognizant.

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