Value stream analysis is one of the steps in the value stream mapping process. The first step is to create a current state value stream map. This is simply a snapshot in time of the current conditions of an organization. Once the map is complete, however, you must decide what to do.
There are two basic approaches to analyzing your value stream. The first is to identify all of the problems that you can find on your value stream. These are normally highlighted with kaizen bursts on the map. A future state map is then created as if all of the potential improvements have been completed. Generally this future state map looks 6 to 12 months into the future.
This approach is most suitable when there is already a solid process in place, or when the organization has already gone through several iterations of the value stream mapping.
The second way to analyze your value stream map is to envision the operation that you want and create a future state value stream map to go with it. The analysis step for this approach is to identify all the projects that you would need to complete the close the gap from current state to future state.
With either of these analytical approaches, you will end up with a current state value stream map, a future state value stream map, and an action plan that details the projects you will need to complete to close the gap.