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A value stream is the set of actions that take place to add value to a customer from the initial request through realization of value by the customer. The value stream begins with the initial concept, moves through various stages of development and on through delivery and support. A value stream always begins and ends with a customer.
The concept of business processes – interrelated activities aiming at creating a value added output to a customer – is the basic underlying idea of BPR. These processes are characterized by a number of attributes: Process ownership, customer focus, value adding, and cross-functionality. [citation needed]
Value-adding: The transformation taking place within the process must add value to the recipient, either upstream or downstream. Embeddedness: A process cannot exist in itself, it must be embedded in an organizational structure. Cross-functionality: A process regularly can, but not necessarily must, span several functions.
An industry value-chain is a physical representation of the various processes involved in producing goods (and services), starting with raw materials and ending with the delivered product (also known as the supply chain). It is based on the notion of value-added at the link (read: stage of production) level.
Key resources are the main assets that are needed in the process of adding value to the product or process for the customers. Value appropriation: value can be created in this stage by developing, improving and facilitating customers' buying experience. This can be done in two steps. The first step is improving how transactions are made.
Activity-based management focuses on managing activities to reduce costs and improve customer value. Kaplan and Cooper [1] divide ABM into operational and strategic: Operational ABM is about doing things right, using ABC information to improve efficiency. Those activities which add value to the product can be identified and improved.
These goods and services adding value to the primary product are called peripheral goods and services, which are not essential to the primary product, but enhance it. Examples of peripheral goods and services in the fast food industry include toys (peripheral goods) that are offered as part of a kiddie's meal and a kids' play area (peripheral ...
The Workflow Management Coalition, [6] BPM.com [7] and several other sources [8] use the following definition: Business process management (BPM) is a discipline involving any combination of modeling, automation, execution, control, measurement and optimization of business activity flows, in support of enterprise goals, spanning systems, employees, customers and partners within and beyond the ...