* Definition of Value Stream Mapping (VSM): VSM is a lean-management method for analyzing the current state and designing a future state for the series of events that take a product or service from its beginning through to the customer.
* Purpose of VSM: The primary aim of VSM is to identify and eliminate waste (non-value-added activities) in the process.
* Non-Value-Added Activities: These are steps in a process that do not add value to the customer, such as unnecessary movement, waiting times, excess inventory, and overproduction.
* Benefit of VSM in Identifying Non-Value-Added Activities: By mapping out the entire process, VSM helps in pinpointing areas of waste and inefficiency, allowing the company to streamline operations and improve overall efficiency. References: Lean Manufacturing and Six Sigma methodology, Value Stream Mapping guides.

Order fulfillment lead times are a critical metric for measuring supply chain responsiveness. This metric reflects the total time taken from receiving an order to delivering the product to the customer. Shorter lead times indicate a more responsive supply chain that can quickly adapt to changes in demand and deliver products faster. It encompasses various stages of the supply chain, including order processing, manufacturing, and logistics, providing a comprehensive measure of how swiftly the supply chain can respond to customer needs. Percentage of orders delivered on time, retail inventory days of supply, and upside production flexibility are important metrics but do not capture the overall responsiveness of the supply chain as effectively as order fulfillment lead times.
:
Chopra, S., & Meindl, P. (2016). Supply Chain Management: Strategy, Planning, and Operation. Pearson.
Harrison, A., & Van Hoek, R. (2011). Logistics Management and Strategy: Competing through the Supply Chain. Pearson.

Holding inventory as a way to balance supply and demand involves stockpiling products in anticipation of future demand. For seasonal products, manufacturers often build up inventory before the peak selling period to ensure they can meet the increased demand during that time. This approach helps maintain a consistent production schedule and avoids potential stockouts or production bottlenecks during high-demand periods. By doing so, manufacturers can better align their supply capabilities with market demand fluctuations.
References
* Chopra, S., & Meindl, P. (2016). Supply Chain Management: Strategy, Planning, and Operation.
Pearson.
* Cachon, G., & Terwiesch, C. (2013). Matching Supply with Demand: An Introduction to Operations Management. McGraw-Hill Education.