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| What is Value? |
The inherent worth of a product as judged by the customer and reflected in its selling price and market demand. For any product or service, customer typically values for: Quality, Price, Delivery, and Service etc.
Who defines the Value?
Value is always defined by customer.
Value in consumption and provision:
• Consumption is also a process: A series of actions consumers must perform to obtain the value they seek.
• Provision is also a process: The actions that providers must perform between the manufacturer and the customer to achieve the objectives of all three parties.
Today there is a gap between producers & customers that makes brilliant objects less satisfying in practice than in theory. We need to enter the age of lean thinking, seamlessly integrating provision and consumption. |
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| What is Lean? |
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| The core idea is to maximize customer value while minimizing waste. Simply, lean means creating more value for customers with fewer resources. |
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