MBA 745 Final Questions and Answers |
Complete Solutions | A+ Verified
• Types of Value Streams -✓✓Products
Services
Ideas
Sales
Resources
Projects
• Define Product -✓✓Something used from materials to the point of use by the customer
• Define Services -✓✓Performing an act that solves the need of a customer (ex barber,
police, etc.)
• Define Idea -✓✓A business concept taken from genesis to implementation
• Define Sales -✓✓Initiating new business from marketing to closing the deal
• Define Resources -✓✓Equipment and people
• Define Projects -✓✓Projects from concept to implementation and support (ex lean
transformation project - from concept through implementation)
Concept to Improvement
• Value Stream Manager -✓✓The owner of a value stream which crosses functional
boundaries. They are a champion for future state design and implementation, creating
flow and leverage pull across all functions
• Value Stream Map -✓✓A visual representation of activities and flows of information,
materials, and services required to accomplish specific objectives.
• Value Stream Flows -✓✓> Materials, Products and Services >
< Funds and Returns <
< Information >
• A current state value stream map must be... -✓✓...at the level of detail which identifies
the waste.
• SIPOC -✓✓Suppliers, Inputs, Process, Outputs, Customers
• Check Sheet -✓✓A tool for recording and organizing data to identify a problem
, • Run Charts -✓✓type of chart used to show variations in the process over time or to
show trends (such as improvements or the lack of improvements) in the process.
• 4 rules of run chart -✓✓STAR
- Shift
- Trend
- Astronomical
- Runs
• Define Shift (Run Chart) -✓✓When too much data is grouped above or below the lines
• Define Trend (Run Chart) -✓✓When a consecutive group is going up or going down
• Define Astronomical (Run Chart) -✓✓Astronomical: When there is an outlier
• Define Runs (Run Chart) -✓✓(too few or too many) - number of times the median line
is crossed
• Define Value Stream Map -✓✓: a visual representation of activities and flows of
information, materials, and services required to accomplish specific objectives.
• Define Value Stream Mapping -✓✓: a team based systematic approach to create value
stream maps which identify waste in the current state or paint the vision of a future state
with less waste.
• Made to Stock -✓✓Environment where products are finished before receipt of a
customer order (ex - grocery store)
• Assemble/Finish to Order -✓✓- An environment a product or service is assembled
after receipt of a customer's order
- Products are typically a mix of standard items and prefabricated modules
• Make to Order -✓✓a) An environment where a good or service is made after receipt of
a customer's order
b) Relatively long lead time to ship after the order is received --> carry less stock
• Design/Engineer to Order -✓✓a) An environment where customer specifications
require engineering design, specific customization or unique materials
• Define Push -✓✓A process that relies upon a forecast to create inventory in
anticipation of customer orders
o You push inventory into your supply chain
o When actual orders don't match forecast, there will be excess inventory or stock
Complete Solutions | A+ Verified
• Types of Value Streams -✓✓Products
Services
Ideas
Sales
Resources
Projects
• Define Product -✓✓Something used from materials to the point of use by the customer
• Define Services -✓✓Performing an act that solves the need of a customer (ex barber,
police, etc.)
• Define Idea -✓✓A business concept taken from genesis to implementation
• Define Sales -✓✓Initiating new business from marketing to closing the deal
• Define Resources -✓✓Equipment and people
• Define Projects -✓✓Projects from concept to implementation and support (ex lean
transformation project - from concept through implementation)
Concept to Improvement
• Value Stream Manager -✓✓The owner of a value stream which crosses functional
boundaries. They are a champion for future state design and implementation, creating
flow and leverage pull across all functions
• Value Stream Map -✓✓A visual representation of activities and flows of information,
materials, and services required to accomplish specific objectives.
• Value Stream Flows -✓✓> Materials, Products and Services >
< Funds and Returns <
< Information >
• A current state value stream map must be... -✓✓...at the level of detail which identifies
the waste.
• SIPOC -✓✓Suppliers, Inputs, Process, Outputs, Customers
• Check Sheet -✓✓A tool for recording and organizing data to identify a problem
, • Run Charts -✓✓type of chart used to show variations in the process over time or to
show trends (such as improvements or the lack of improvements) in the process.
• 4 rules of run chart -✓✓STAR
- Shift
- Trend
- Astronomical
- Runs
• Define Shift (Run Chart) -✓✓When too much data is grouped above or below the lines
• Define Trend (Run Chart) -✓✓When a consecutive group is going up or going down
• Define Astronomical (Run Chart) -✓✓Astronomical: When there is an outlier
• Define Runs (Run Chart) -✓✓(too few or too many) - number of times the median line
is crossed
• Define Value Stream Map -✓✓: a visual representation of activities and flows of
information, materials, and services required to accomplish specific objectives.
• Define Value Stream Mapping -✓✓: a team based systematic approach to create value
stream maps which identify waste in the current state or paint the vision of a future state
with less waste.
• Made to Stock -✓✓Environment where products are finished before receipt of a
customer order (ex - grocery store)
• Assemble/Finish to Order -✓✓- An environment a product or service is assembled
after receipt of a customer's order
- Products are typically a mix of standard items and prefabricated modules
• Make to Order -✓✓a) An environment where a good or service is made after receipt of
a customer's order
b) Relatively long lead time to ship after the order is received --> carry less stock
• Design/Engineer to Order -✓✓a) An environment where customer specifications
require engineering design, specific customization or unique materials
• Define Push -✓✓A process that relies upon a forecast to create inventory in
anticipation of customer orders
o You push inventory into your supply chain
o When actual orders don't match forecast, there will be excess inventory or stock
