The Value Stream Mapping Tool Often Requires Completion of the Future

question 3

True/False

The value stream mapping tool often requires completion of the future state drawing before the current state drawing, to help managers see the future state goals and more easily identify problems with the current state of the process.

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Definitions:

Limited Liability

Limited liability is a legal structure where a company's owners are not personally liable for the company's debts or liabilities beyond their initial investment.

Debts

Money owed by one party, the borrower, to a second party, the lender; an obligation to pay back a borrowed sum with interest.

Management Compensation

The total remuneration, including salary, bonuses, and benefits, given to executives and managers in a company.

Agency Problem

A conflict of interest inherent in any relationship where one party is expected to act in another's best interest.