Value chain analysis is usually applied at a stregic level, but can also be applied to processes.
One method I saw on a six sigma project was to colour code each box with a key to who the step added value for; shareholders, management, customers, compliance. In the example I saw about 1/3 of the boxes had no colour - and were thus redundant.
Value chain alaysis can also be applied to organsiational structures - which units are adding value and to whom.
It's always important to realise there are more stakeholders than just shareholders and customers.
I think it was popular in the 80s and again in the 90's and I know the A list consulting firms still use it with large clients. It's a part of enterprise analysis, not the whole picture.
I raise the topic because I have been thinking about it in a (business) SOA environment - every team needs to add avlue to their various customers.
I have also been thinking about it in the context of requirements analysis - and how there are diminishing returns on effort as you move away from top level goals to detail specifications.