Validation: The act of confirming a product or service meets the requirements for which it was intended.
Validity: The ability of a feedback instrument to measure what it was intended to measure; also, the degree to which inferences derived from measurements are meaningful.
Value added: The parts of the process that add worth from the perspective of the external customer.
Value adding process: Activities that transform input into a customer usable output. The customer can be internal or external to the organization.
Value chain management: Value-chain analysis looks at every step-from raw materials to the eventual end-user -- right down to disposing of the packaging after use. The goal is to deliver maximum value to the end user for the least possible total cost. (Industry Week)
Values: The fundamental beliefs that drive organizational behavior and decision making.
Value stream: All activities, both value added and nonvalue added, required to bring a product from raw material state into the hands of the customer, bring a customer requirement from order to delivery and bring a design from concept to launch.
Value stream loops: Segments of a value stream with boundaries broken into loops are a way to divide future state implementation into manageable pieces.
Value stream manager: Person responsible for creating a future state map and leading door-to-door implementation of the future state for a particular product family. Makes change happen across departmental and functional boundaries.
Value stream mapping: A pencil and paper tool used in two stages: 1. Follow a product's production path from beginning to end and draw a visual representation of every process in the material and information flows. 2. Then draw a future state map of how value should flow. The most important map is the future state map.
Variable data: Measurement information. Control charts based on variable data include average (X-bar) chart, range (R) chart, and sample standard deviation (s) chart.
Variance: A change in a process or business practice that may alter its expected outcome. (Steve Littleton)
Variation: A change in data, characteristic or function caused by one of four factors: special causes, common causes, tampering or structural variation (see individual entries).
Verification: The act of determining whether products and services conform to specific requirements.
Vertical deployment: A term denoting that all of the levels of the management of a firm are involved in the firm's quality efforts.
Virtual team: Remotely situated individuals affiliated with a common organization, purpose or project who conduct their joint effort via electronic communication.
Vision: An overarching statement of the way an organization wants to be; an ideal state of being at a future point.
Vital few, useful many: A term used by Joseph M. Juran to describe his use of the Pareto principle, which he first defined in 1950. (The principal was used much earlier in economics and inventory control methodologies.) The principle suggests most effects come from relatively few causes; that is, 80% of the effects come from 20% of the possible causes. The 20% of the possible causes are referred to as the "vital few"; the remaining causes are referred to as the "useful many." When Juran first defined this principle, he referred to the remaining causes as the "trivial many," but realizing that no problems are trivial in quality assurance, he changed it to "useful many."
Voice of the customer: The expressed requirements and expectations of customers relative to products or services, as documented and disseminated to the members of the providing organization.