What is Value?

Inherent content of a product or service, as judged by the customer, reflected in its selling price and market demand. The value in a typical product is created by the producer through a combination of actions, some of which produce value as perceived by the customer, while others are merely necessary because of the current configuration of the design and production process. The goal of Lean Thinking is to eliminate unnecessary activities and to preserve and enhance those that create value for the customer.