QUESTION 1
Option [c] is CORRECT value stream mapping (VSM) is a process of visually
presenting the flow of materials and information to identify wasted time and actions in
a manufacturing or service process. VSM can be depicted broadly from the supplier
to the focal firm and out to customer. Alternatively, VSM can be used for a specific
operation or series of operations. By identifying unnecessary steps and resources
VSM streamlines processes for greater efficiency. Visual depiction of the process
enables analysts to highlight areas for improvement and get closer to what is termed
the “ideal state.”
Option [a] is INCORRECT process mapping involves the identification of the steps,
activities, time, and costs involved in a process. Once the current evaluation and
selection process is understood, opportunities for improvement should become
evident. Supply managers should measure process cycle times to identify rates of
improvement against pre-established performance targets. Process mapping should
be the first step in the improvement process.
Option [b] is INCORRECT Value analysis involves examining all elements of a
component, assembly, end product, or service to make sure it fulfils its intended
function at the lowest total cost. Value analysis techniques are primarily applied to
existing products and services. In contrast, value engineering (VE) is the application
of value principles during product or service design. VE is a much more proactive
approach to embracing value concepts.
Option [c] is CORRECT value stream mapping (VSM) is a process of visually
presenting the flow of materials and information to identify wasted time and actions in
a manufacturing or service process. VSM can be depicted broadly from the supplier
to the focal firm and out to customer. Alternatively, VSM can be used for a specific
operation or series of operations. By identifying unnecessary steps and resources
VSM streamlines processes for greater efficiency. Visual depiction of the process
enables analysts to highlight areas for improvement and get closer to what is termed
the “ideal state.”
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GetItRight. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R100,00. You're not tied to anything after your purchase.
