Final answer:
A visual tool that includes information flows and activity times in process flow diagrams is known as value stream mapping, a Lean Management tool used to visualize and improve the flow of materials and information in a process.
Step-by-step explanation:
A visual tool that includes detailed process flow diagrams, capturing both information flows and activity times, is commonly known as value stream mapping (VSM). This tool is widely used in the field of Lean Management to analyze and design the flow of materials and information required to bring a product or service to a consumer. Value stream maps go beyond simple process mapping by integrating data elements such as inventory levels, resources, time, and information flow, thereby providing a holistic view of the process and facilitating targeted improvements.
Value stream mapping helps identify waste within both production and transactional processes. Furthermore, it serves as a guide for removing non-value-adding activities, which in turn can enhance productivity, reduce costs, and improve delivery performance across the supply chain.