Value Stream Management is a new strategic and operational approach to the data capture, analysis, planning and implementation of effective change within the core cross‐functional or cross‐company processes required to achieve a truly lean enterprise. This paper describes the method in detail including a summary of the previous Value Stream Mapping approach and its weaknesses. The new approach involves a strategic review of a business or supply chain's activities, the delimitation of key processes and the mapping of these processes. A description of how to analyze and synthesize these data is followed by a section on an approach to planning strategic and operational change together with a framework in which to do this. The benefits and limitations of the new approach are summarized.
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Hines et al. (1998) studied this question.