Gemba
A Japanese term meaning "the real place," used in Lean management to describe the place where value is created.
30 topics found for
“value creation”
Labor Illusion
A phenomenon where users perceive greater value in a service or product if they believe more effort was involved in its creation or delivery.
Scarcity Principle
The economic theory that suggests limited availability of a resource increases its value, influencing decision-making and behavior.
Scarcity
A psychological principle where people place higher value on objects or opportunities that are perceived to be limited or rare.
Muda
A Japanese word meaning any activity in a process that consumes resources without adding value.
Value Innovation
The simultaneous pursuit of differentiation and low cost, creating a leap in value for both the company and its customers, often associated with Blue Ocean Strategy.
Instrumental Value
The worth of something based on its ability to help achieve a desired end or goal.
IKEA Effect
The tendency for people to value products more highly if they have put effort into assembling them.
Minimize Waste
A principle in lean management aimed at reducing non-value-added activities to improve efficiency.