Project performance with Value Stream management
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Today ‘s modern businesses require a lot of agility due to for example digital transformation, higher business complexity and especially after Covid-19 more hybrid work. Throughout the crisis, innovative and adaptational thinking has accelerated. This means that organizations have to reconsider the processes, tools, and the people behind the business so they can remain competitive and also focus on high-value impactful work. | Today ‘s modern businesses require a lot of agility due to for example digital transformation, higher business complexity and especially after Covid-19 more hybrid work. Throughout the crisis, innovative and adaptational thinking has accelerated. This means that organizations have to reconsider the processes, tools, and the people behind the business so they can remain competitive and also focus on high-value impactful work. | ||
Revision as of 10:24, 21 February 2023
Contents |
Abstract
This article introduces Value Stream Management and how it can bring better performance into both project and project groupwork. In continuation of Value Stream Management, Value Stream, and Value Stream Mapping (VSM) will be introduced. The article will dive into Value Stream management approaches of delivering value and better workflow. This will include a walkthrough of the theory behind Value Stream and the lean tool of VSM. For understanding Lean philosophy will be descript to some degree. The application of Value Stream Management will be discussed, and a guidance of the tool VSM will be given. Lastly the article will deliver a reflection on the challenges which Value Stream Management faces, when it comes to developing and maximizing value for both company and business. This reflection will also touch on the benefits and disadvantage of value stream management.[1]
Big Idea
Introduction to value stream management
Value Stream Management is a management approach which focuses on delivering value from customer request to customer delivery. The approach consists of measuring and improving flow as well as eliminating waste in each step of the way.[2] CONTINUE…
- Digital approach and impact on value stream mapping== [3]
Definition of Value Stream
The term value stream originally come from Lean manufacturing and explain the flow of material and information to create value. A value stream is the set of activities or services an organization takes to add value to a customer or customer need.
Agile aspect – state of the art
Today ‘s modern businesses require a lot of agility due to for example digital transformation, higher business complexity and especially after Covid-19 more hybrid work. Throughout the crisis, innovative and adaptational thinking has accelerated. This means that organizations have to reconsider the processes, tools, and the people behind the business so they can remain competitive and also focus on high-value impactful work. This is where value stream management comes into the picture. Focus on value stream management is essential when building bridge between agile practices and realizing agility in businesses. Also, value stream relates to the ongoing shift of focusing on value vs. economies of scale or cost, in that way, that you try to update and develop what gives value to the customer and hereby the business instead of trying to produce the highest quantity the cheapest way.[4]
Value Stream Mapping
- (as a management tool)
- Example of a Value Stream Map (Material – and information flow mapping)
