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A value stream is the set of actions that take place to add value to a customer from the initial request through realization of value by the customer. The value stream begins with the initial concept, moves through various stages of development and on through delivery and support. A value stream always begins and ends with a customer.
Value-stream mapping, also known as material- and information-flow mapping, [1] is a lean [2] -management method for analyzing the current state and designing a future state for the series of events that take a product or service from the beginning of the specific process until it reaches the customer. A value stream map is a visual [2] tool ...
In accounting, value stream costing (VSC) is a technique of costing which entails identifying and calculating costs for all the process steps required for providing value to the customer. It begins with a mapping and tracking all the process steps that provide the value and then quantification of the value created by each step.
The Value Stream: Identify the value stream for each product providing that value and challenge all of the wasted steps (generally nine out of ten) currently necessary to provide it; Flow: Make the product flow continuously through the remaining value-added steps; Pull: Introduce pull between all steps where continuous flow is possible
A kaizen blitz, or rapid improvement, is a focused activity on a particular process or activity. The basic concept is to identify and quickly remove waste. Another approach is that of the kaizen burst, a specific kaizen activity on a particular process in the value stream. [27]
Present value. In economics and finance, present value (PV), also known as present discounted value, is the value of an expected income stream determined as of the date of valuation. The present value is usually less than the future value because money has interest -earning potential, a characteristic referred to as the time value of money ...
A value system includes the value chains of a firm's supplier (and their suppliers all the way back), the firm itself, the firm distribution channels, and the firm's buyers (and presumably extended to the buyers of their products, and so on). Capturing the value generated along the chain is the new approach taken by many management strategists.
The Business Model Canvas is a strategic management template used for developing new business models and documenting existing ones. [2] [3] It offers a visual chart with elements describing a firm's or product's value proposition, [4] infrastructure, customers, and finances, [1] assisting businesses to align their activities by illustrating potential trade-offs.