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V Terms
Vacations
Vacations and holidays are an important part of job satisfaction and employee retention.
Value
Value, simply put, is something that a customer is willing to trade for. The trade is most commonly done with cash, meaning that a customer is willing to pay for it.
Value Stream
A value stream is the series of activities that take a product from the supplier to the customer (for a physical product), or from the customer request.
Value Stream Analysis
Value stream analysis is one of the steps in the value stream mapping process.
Value Stream Map
A value stream map (VSM) is a drawing that depicts the flow of material and information along a value stream.
Value-Added Work
Value added work consists of the tasks that a customer is willing to pay for. Generally, this is something that changes the form, fit, or function of raw materials.
Variation
Variation is the enemy of processes. Variation in inputs or in the process itself causes variation in the output of the process. And that variation is perceived as poor quality.
Velaction Continuous Improvement
Velaction Continuous Improvement was started in 2006 as Cascade Corporate Solutions. It was started as a part time effort by Jeff Hajek, while he began work on the reference guide you are now reading.
Vilfredo Pareto
See: Pareto, Vilfredo
Visual Control
A visual control builds on 5S. It uses organization and standardization to make an abnormal condition stand out.
Visual Management
Visual management is the concept of creating a more effective workplace by making its current conditions obvious at a glance.
Voice of the Customer / VOC
The “Voice of the Customer” (VOC) is the collective information that an organization obtains from or about its customers. This information comes in one of four basic ways, as shown on the image below:
Volunteers
Volunteering plays a big role in continuous improvement. In many organizations, training is provided, but may not be mandatory.
VSM
See: Value Stream Map