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VA
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Value Added – a lean term denoting that an action or process step adds value to the product, value in terms of the customer’s idea of value.
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Value
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In the Lean sense, it is what the customer wants from you (what they are paying for).
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Value Added Process Step
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- A process step the customer is willing to pay for
- A process step the changes or transforms the “thing”
- A process step that is done right the first time
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Value Chain
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Activities outside of your organization that add value to your final product, such as the value adding activities of your suppliers
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Value Stream
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The specific activities required to design, order and provide a specific product, from concept to launch, order to delivery, and raw materials into the hands of the customer
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Value Stream Mapping
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Visual flow chart, tracking product and information flow. Used to map both current and future states with an emphasis on the value add to non-value add ratio of lead-time.
Highlights the sources of waste and eliminates them by implementing a future state value stream that can become reality within a short time
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Value-Added Analysis
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With this activity, a process improvement team strips the process down to its essential elements. The team isolates the activities that in the eyes of the customer actually add value to the product or service. The remaining non-value adding activities ("waste") are targeted for extinction
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Variance
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Describes the spread or dispersion of the probability associated with a data set. Note: you can add variances (normally represented by the Greek letter sigma  2); you cannot add standard deviations (normally represented by the Greek letter sigma ).
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Vision
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Description of the ideal state in the future that inspires members of an organization to drive towards excellence.
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Visual Control
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The placement in plain view of all tools, parts, production activities, and indicators of production system performance so everyone involved can understand the status of the system at a glance. Various tools of visual management such as color-coding, charts, andons, schedule boards, labels and markings on the floor.
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Visual Management
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System enabling anyone to quickly spot abnormalities in the workplace, regardless of their knowledge of the process
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VOC
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Voice Of the Customer – A feedback loop from customer to supplier.
Desires and requirements of the customer at all levels, translated into real terms for consideration in the development of new products, services and daily business conduct.
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