When a product or service has been perceived or appraised to fulfill a need or desire–as defined by the customer–the product or service may be said to have value or worth. Components of value may include quality, utility, functionality, capacity, aesthetics, timeliness or availability, price, etc.
All the activities (both value-added and non-value added) required within an organization to deliver a specific service; “everything that goes into” creating and delivering the “value” to the end-customer.
A visual representation of the sequential flow of a process. Used as a tool in problem solving, this technique makes opportunities for improvement.
Non Value Added (NVA) – Those process steps in a Value Stream that take time, resources or space, but do not transform or shape the product or service to meet the needs of the customer