16885J/ESD35J-NoV18,2003 Value-Slack's definition A more specific definition of value useful for system development is given by Slack: Value is a measure of worth of a specific product or service by a customer, and is a function of (1)the product's usefulness in satisfying a customer need, (2 the relative importance of the need being satisfied, 3 the availability of the product relative to when it is needed and(4) the cost of ownership to the customer:” 1)and (2 )relate to Performance( or quality) (3 )relates to Schedule (4) relates to Cost/Price Achieving Performance, Schedule, and Cost objectives with acceptable risk is the generic challenge in developing products and systems Source: Slack, R, "The application of Lean Principles to the Military Aerospace Product Development Process"MIT sM Thesis, Dec 199816.885J/ESD.35J - Nov 18, 2003 Value - Slack’s definition A more specific definition of value useful for system development is given by Slack: “Value is a measure of worth of a specific product or service by a customer, and is a function of (1) the product’s usefulness in satisfying a customer need, (2) the relative importance of the need being satisfied, (3) the availability of the product relative to when it is needed and (4) the cost of ownership to the customer.” (1) and (2) relate to Performance ( or quality) (3) relates to Schedule (4) relates to Cost/Price Achieving Performance, Schedule, and Cost objectives with acceptable risk is the generic challenge in developing products and systems. Source: Slack, R, “The application of Lean Principles to the Military Aerospace Product Development Process” MIT SM Thesis, Dec 1998