V - Definitions

  • V

    value driver

    A value driver is an activity or capability that adds worth to a product, service or brand. One of the key ideas in defining value drivers is determining which factors provide the organization in question with a competitive edge.

  • value stream mapping

    Value stream mapping is a Toyota lean manufacturing visualization tool for documenting all the processes that are required to bring a product to market.

  • vendor-managed inventory (VMI)

    Vendor-managed inventory (VMI) is an inventory management technique in which a supplier of goods, usually the manufacturer, is responsible for optimizing the inventory held by a distributor.

  • virtual commissioning

    Virtual commissioning is the practice of using 3D technology to create a simulation model of a manufacturing plant so that proposed changes and upgrades can be tested before they are implemented to the actual plant.

  • virtual manufacturing

    Virtual manufacturing (VM) is the use of computers to model, simulate and optimize the critical operations and entities in a factory plant.

  • voice user interface (VUI)

    Voice user interface (VUI) is speech recognition technology that allows people to interact with a computer, smartphone or other device through voice commands. Apple's Siri, Amazon's Alexa, Google's Assistant and Microsoft's Cortana are prime examples of VUIs.

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