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Value Stream & Value Stream Mapping
- Essay length: 4267 words
- Submitted: 20/10/2009
The first 200 words of this essay...
Value Stream and Value Stream Mapping
Definition of a Value Stream:
By locating the value creating processes next to one another and by processing one unit at a time, work flows smoothly from one step to another and finally to the customer. This chain of value-creating processes is called a value stream.
Value stream is a sequence of activities required to design, produce, and provide a specific good or service. Along the value stream information, materials, and worth flows which eventually creates value for the customer requiring the item in production.
Lean Manufacturing is all about seeing manufacturing operations as a value stream that flows products to the customer. Some activities add value whilst others just add waste. Value is anything that the customer will pay for whilst waste is anything that adds cost that the customer will not pay for. Examples of waste are overproduction of finished goods, high work in process, excess transport and handling times as well as wasted time while people and goods wait for things to happen. The operation becomes less costly and more responsive to the customer as the company works towards driving waste out
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