ITIL Version 5 defines a value stream as "a series of steps that an organization uses to create and deliver products and services to a service consumer." That wording maps directly to option B. The book also explains that value streams represent the actual sequence of activities as performed in real life, rather than a purely theoretical workflow. In other words, while the value chain gives the high-level set of lifecycle activities, the value stream shows how those activities are combined in a specific context to enable or restore value for consumers and other stakeholders. This is why option A is incorrect: it describes a management practice, which is a set of organizational resources and capabilities designed to perform work or accomplish an objective. Option C is the definition of an output, and option D is the definition of a product. ITIL further notes that organizations should identify, map, analyse, and continually improve value streams because they reflect how work and information actually flow across the organization. Therefore, B is the exact verified answer.