This thesis explores of Value Stream Analysis and Mapping (VSA/M) as applied to Product Development (PD) efforts. It contains three parts: the background and history of PD VSA/M, a report of the current PD VSA/M practices within the U.S. aerospace industry, and the proposal of a general VSA/M method for Product Development activities. Value Stream Analysis and Mapping is a method used for business process and product improvement, which originated with the development of the Lean business philosophy. The VSA/M background section includes a brief history of the method as described in foundational Lean literature. As with Lean practices in general, the application of VSA/M began in the manufacturing community, and has seen excellent results. However, the engineering and design efforts of Product Development provide a unique setting for the use of VSA/M. The report of current PD VSA/M practices within the U.S. aerospace industry focuses on the research results taken from site visits to nine major Product Development sites. The VSA/M tools used at the sites are characterized and ranked in sophistication. The business context surrounding the use of the tools is also characterized and ranked. The reduction of the research data and this analysis shows the importance of both tool sophistication and the surrounding context in the success of a PD VSA/M exercise. The proposal of a general VSA/M method for Product Development activities includes an outline for implementation. This outline is supported with a discussion of associated principles and the application of selected tools. The proposed method follows a pattern of analyzing and mapping the Current State of a process, and using heuristics to analyze and map an improved Future State. The tools used to accomplish this analysis and mapping include (1) a high-level Gantt chart or Ward/LEI map, (2) a detailed-level Process Flow map, and (3) a detailed-level Design Structure Matrix.