Lean Definition

Value

Value is a capability provided to a customer at the right time at an appropriate price, as defined in each case by the customer. The more a product or service meets a customer’s needs in terms of affordability, availability and Utility the greater value it has. Thus a product with a true value will enable, or provide the capability for, the customer to accomplish his objectives.

OR

Value is a measure if the worth of a specific product or service by a customer, and is a function of:

  • The product’s usefulness in satisfying a customer need
  • The relative importance of the need being satisfied,
  • The availability of the product relative to when it is needed and
  • The cost of ownership to the customer. Value added- A type of process(accomplished correctly the first time) that changes (transforms) the shape or character (fit, form or function) of a product or assembly.

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