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1. The Customer defines value. Value is what the customer is willing to pay for. Any other activity is waste.
2. Identify all the steps in a Value Stream. A Value stream is composed of the flow of materials and information required to bring a product or service to a customer. Eliminate steps that do not create value.
3. Make value flow. Place value-creating process steps in tight sequence so the product/service will smoothly flow to the customer.
4. As flow is introduced, let customers pull value. Provide what the customer wants only when the customer wants it.
5. Strive for perfection. Continually remove waste until perfect value is created without any waste.
- Source: Womack and Jones, Lean Thinking
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