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function instead. Please see Debugging in WordPress for more information. (This message was added in version 5.7.0.) in /home/christopherdaily/public_html/beLithestudios.com/wp-includes/functions.php on line 6121There are five key ideas supporting Lean process improvement. Let’s take a look at those now.
The Oxford English Dictionary defines it as, “The regard that something is held to deserve; importance or worth.”
In terms of Lean, value means what we want out of a product, service, or process. In other words, it is a desirable result that has some worth. Any process should put out more than it consumes. For example, if producing a widget costs $20 but you’re only selling it for $15, you are not creating value.
There are two basic ways to increase value: increase revenue or decrease cost. Both of these can be done with Lean processes.