A product or service that has been perceived or appraised to fulfill a need or desire—as defined by the customer—is said to have value. An activity has value if it is transformative, is done right the first time, and is something the customer is willing to pay for.
... also known as Muda. Muda is a Japanese word meaning futility, uselessness, or wastefulness. A focus of the Toyota Production System (TPS) and later Lean process improvement, it refers to one of the three types of deviation from optimal allocation of resources: “Muda, Mura, Muri” (Waste, Unevenness, Overburden). Waste is any process that doesn’t add value to the end user.