To Luis's response, I'd add that a value stream starts and ends with a customer, so it is all the activities, roles, waiting periods, inputs and outputs that result in that customer's need being fulfilled. Saving Changes...
I would add a little to Kiron's repsonse, that "stream" implies flow, so a value stream is all of the activities in an ordered sequence from start to finish.. Sequence is important as among other things it helps to identify waste or non-value added activities such as waiting periods or rework. Saving Changes...
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
I totally agree with my fellow colleagues responses combined. Saving Changes...
Peter RapinSubject Matter Expect; Project Delivery| Independent ConsultantOntario, Canada
A repeat of an earlier response provided for convenience.
Wikipedia: "A value stream is the set of actions that take place to add value to a customer from the initial request through realization of value by the customer. The value stream begins with the initial concept, moves through various stages of development and on through delivery and support. A value stream always begins and ends with a customer."
The 'value' to a customer obviously changes as a project advances starting with assistance in defining the need to actually delivering the solution to the need.
May I ask the intend of these rather simplistic questions? Are they from an academic perspective? Is there an objective? I am suggesting that if you want greater engagement you provide additional background and/or some context.
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1 reply by deepak snraj
Jan 02, 2023 1:44 AM
deepak snraj
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The objective is to get a different view and learn new things that you may have not thought of.you are only talking about work. there is flow, transition, transformation to a continous improvement
A repeat of an earlier response provided for convenience.
Wikipedia: "A value stream is the set of actions that take place to add value to a customer from the initial request through realization of value by the customer. The value stream begins with the initial concept, moves through various stages of development and on through delivery and support. A value stream always begins and ends with a customer."
The 'value' to a customer obviously changes as a project advances starting with assistance in defining the need to actually delivering the solution to the need.
May I ask the intend of these rather simplistic questions? Are they from an academic perspective? Is there an objective? I am suggesting that if you want greater engagement you provide additional background and/or some context.
The objective is to get a different view and learn new things that you may have not thought of.you are only talking about work. there is flow, transition, transformation to a continous improvement Saving Changes...
Thank you for these responses. The value stream represents the benefits that are received by the customer and the company as a result of working operations.
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1 reply by Keith Novak
Jan 02, 2023 7:36 PM
Keith Novak
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I would reverse that. The value stream represents the working operations (stream) that create benefits (value) to the customer.
Thank you for these responses. The value stream represents the benefits that are received by the customer and the company as a result of working operations.
I would reverse that. The value stream represents the working operations (stream) that create benefits (value) to the customer. Saving Changes...
Latha Thamma reddiSr Product and Portfolio Management (Automation Innovation)| DXC TechnologyMckinney, Tx, United States
Thanks for sharing. Saving Changes...
Thomas WalentaGlobal Project Economy ExpertHackenheim, Germany
Deepak
all true what has been said by my valued (hic!) colleagues.
In the project context, value is perceived differently by different stakeholders hence there are in reality several parallel value streams. The organisation which authorises the project and is represented by executive management has one view on value, middle management with their annual bonuses another one, and future users of the product you are to create another view. Not to mention finance, quality, HR, procurement functions. Or the customers of the customer who experience your product.
An then the term value itself is ambiguous. Is it money (profit, revenue, project budget) over a time, is it efficiency, is it establishing a USP?
In most cases you will only find out at the end if what you delivered represents value to the stakeholders who you find then (the initial sponsor might have left the company). Incremental deliveries may mitigate that risk a bit. Or good balanced contracts.
While the concept of value stream is a simplified mental model of a project, it represents only one element of a system of models, even if you only regard value delivery.
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