The Value Stream comprises all activities and processes being carried out to manufacture a product or provide a service. This includes the flow of all material and information and can also exceed the boundaries of the company. The Value Stream can be further analyzed to identify value-adding and non-value-adding steps and to eliminate waste (non-value-added steps that can be avoided) in the overall process.
Read also: Value Stream Mapping
Learn more about this topic in our Online Course VALUE STREAMS & PRODUCTION SYSTEMS.