A process is a collection of interacting components that transform inputs into outputs toward a common aim called a mission statement. Processes exist in all facets of life in general, and organizations in particular, and an understanding of them is crucial.
The transformation accomplished by a process involves the addition or creation of time, place, or form value. An output of a process has time value if it is available when needed by a user. For example, you have food when you are hungry, or equipment and tools available when you need them. An output has place value if it is available where needed by a user. For example, gas is in your tank (not in an oil field), or wood chips are in a paper mill. An output has form value if it is available in the form needed by a user. For example, bread is sliced so it can fit in a toaster, or paper has three holes so it can be placed in a binder.