Product Development can be viewed as a Complex Adaptive System. Different people, groups, organizations and systems collaborate in a complex network of relationships and dependencies to produce something of value - generally a product or service. Identifying waste in this value network is a critical step towards creating a truly lean organization.
These slides are from an interactive, hands-on workshop that I ran at the Agile India 2012 conference in Bengaluru, India.
There is a corresponding Blog entry here: