Glossary of Lean Management and Supply Chain Management terms

For mutual understanding: short definitions of important terms from the world of continuous improvement and Supply Chain Management

Glossary

Click on one of the letters beneath to check the glossary for terms beginning with that letter.

V

Value creation

As opposed to > waste, value creation refers to all activities that, from the customer perspective, add value to a product.

Value stream analysis / design

Value stream analysis / design is a method used to record and design value streams. Standardized symbols are used to represent material and information flow on a sheet of paper. The most important indicator derived from value stream analysis is lead time. In value stream design, the target state is modelled as the target value stream, and the implementation projects are based on this.

Visual management

Visual management is the physical representation of all standards, goals and states, so that any deviation can be identified immediately. The visual management concept includes all principles, tools and standards that make it possible to visualize the information, so that management and employees can easily see and understand all related information. This makes it possible to quickly identify all deviations. Good visual management leads to immediate correction measures (e.g. > PDCA, > 5W) on the Shop floor.