Question: This passage below require analysis and breakdown Stakeholders are an organizations primary people of interest, they invest into the company, make decisions and have the

This passage below require analysis and breakdown
Stakeholders are an organizations primary people of interest, they invest into the company, make decisions and have the most to either profit from or suffer losses. Manufacturing/services processes use stream mapping to track inventory, shift hours, any changes over time. If used properly stream mapping can be beneficial to the organization. Value stream mapping, as with other good visualizations, serves as an effective tool for communication, collaboration and even culture change (Lucid Software Inc., 2020). Companies do value stream mapping as a form of filtering out waste/unnecessary services. Value stream mapping is primarily used to track waste but can be used to track improvements. Eliminating waste is the means to an end of creating value, such as a lower price and/or better-quality product or service. Value is something a customer is willing to pay for (Lucid Software Inc., 2020). Overall value stream mapping can improve internal processes, if used and implemented properly.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!