From the course: Excel: Value Stream Mapping
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Describe the philosophy and goals of value stream maps - Microsoft Excel Tutorial
From the course: Excel: Value Stream Mapping
Describe the philosophy and goals of value stream maps
- [Instructor] Every business has processes for making and selling products and services. The more you know about those processes, the more effectively you can manage and improve them. Value stream maps are an important tool for documenting and analyzing your processes. Specifically identifying where value is added and perhaps more importantly, where it is not. When you create a value stream map you are recognizing one very important fact, that you cannot make more time. Once you have spent it, it is gone forever. Also, you need to understand that inventory consumes resources. Those boxes and bins of components that you have sitting in the warehouse, well, they're taking up space. And they're costing you something to keep every month. After all, it cost you to buy them. If you're not using them, you don't need them, and they are not adding value. Also, value stream maps document resource use. Those resources could be…
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