Define a Value Stream Map

question 106

Essay

Define a value stream map. How does this differ from a regular process map?

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Definitions:

Communism

A political and economic ideology advocating for a classless society in which all property and resources are communally owned and controlled by the public or the state.

Gross Domestic Product

The total value of all goods and services produced over a specific time period within a country's borders.

Domestic Production

The creation of goods and services within a country's borders, contributing to its gross domestic product (GDP).

Market-based Economy

An economic system where economic decisions and the pricing of goods and services are largely guided by the interactions of a country's individual citizens and businesses.