DMADV is the methodology used when designing new processes that did not exist prior to their design.  

  Master Scheduling is the process that a master scheduler uses to create the master schedule.  This includes but is not limited to how the generation, review, management and adjustments of a master schedule are done.

  Have you ever wanted something to snack on really bad, so you jump up head to the store and when you get there they are fresh out of inventory?  Have you ever made the decision to purchase a new vehicle and you go to the dealer and the vehicle you want isn’t there so you go home and order it online?  Inventory stock out costs.  These are both examples of inventory stock out costs.  Stockouts occur when the inventory you have on hand is not enough to fulfill the customers demand needs.  Likewise a stock out might be when there is inventory, but the inventory is not what you wanted.

  A Non-Value added activity is any activity that adds no value to the product, service or information.  Non-value added activities typically have three characteristics that are fairly simple to identify.   

  Value is a perception of the worth, regard, importance or usefulness of a good or service.  In other words, it is ​the worth of a product or a service when it is delivered to your customers. 

  The Value Stream is the entire set of activities that are required to design, produce and provide services or goods.  In other words, it is all of the activities in your organization that are needed to design, manufacture and deliver products or services to your customers.