Value Stream Mapping - Definition
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What is Value Stream Mapping (VSM) or Value Stream Analysis?
Value stream mapping is a method for analyzing the value delivery process in a business. More specifically, it is primarily used to create a graphical or visual representation of the value chain in a business. This includes mapping operations and administrative processes. Collectively, this is known as the flow value or a value flow visualization.
Value stream mapping is used to increase efficiency by minimizing waste and more efficiently allocating resources - such as time, labor, materials, equipment, and information. It helps identify inefficiencies, such as process bottlenecks. Value stream mapping is integrated into quality management and lean management approaches.