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From the Lean Lexicon 5th Edition:

Value Stream:   All of the actions, both value-creating and nonvalue-creating, required to bring a product from concept to launch (also known as the development value stream) and from order to delivery (also known as the operational value stream). These include actions to process information from the customer and actions to transform the product on its way to the customer. More »
Value-Stream Improvement:   An improvement method based on the scientific approach to problem solving known as plan-do-check-act (PDCA) or plan-do-study-adjust (PDSA) that brings together the scientific and cultural components needed to implement and sustain positive change in a specific value stream.  The PDCA approach corresponds to the three project phases of value-stream improvement. (1) Leadership defines the broad organizational need for a project, how the problem is affecting the organization, and sets the scope of the project. (2) In a workshop, usually lasting three days, value-stream stakeholders develop a current-state value-stream map, analyze the problems, and propose countermeasures in the form of a More »
Value-Stream Manager:   An individual assigned clear responsibility for the success of a value stream. The value stream may be defined on the product or business level (including product development) or on the plant or operations level (from raw materials to delivery).  The value-stream manager is the architect of the value stream, identifying value as defined from the customer’s perspective and leading the effort to achieve an ever- shortening value-creating flow.  The value-stream manager focuses the organization on aligning activities and resources around value creation, though none of the resources (money, assets, people) may actually “belong to” the valuestream manager. Thus, value-stream management More »
Value-Stream Mapping:   A simple diagram of every step involved in the material and information flows needed to bring a product from order to delivery.  Value-stream maps can be drawn for different points in time as a way to raise consciousness of opportunities for improvement (see illustrations below). A current-state map follows a product’s path from order to delivery to determine the current conditions. A futurestate map deploys the opportunities for improvement identified in the current-state map to achieve a higher level of performance at some future point.  In some cases, it may be appropriate to draw an ideal-state map showing the opportunities for More »