Describe Value-stream mapping. Explain how it is different from process mapping
What will be an ideal response?
Value-stream mapping is a variation on time-function mapping or process mapping. The most fundamental difference between them is that Value-stream mapping is not confined to the organization itself. In particular, in its analysis of where value is added, it extends the analysis to the organization's supply chain. Value-stream mapping takes into account not only the process but also the management decisions and information systems that support the process.
You might also like to view...
A normal cost is incurred when:
A) Overtime is used more than originally planned. B) Shipments are expedited. C) Additional temporary workers are brought on site. D) The aggressive baseline plan is adhered to.
If all projects are assigned the same discount rate for purposes of evaluation, which of the following could occur?
A) Low-risk projects could be rejected when in fact they are good investment choices. B) High-risk projects could be accepted when in fact they are poor investment choices. C) High-risk projects could be accepted when in fact they are good investment choices. D) All of the choices could occur when using a single discount rate for all projects.