This paper suggests the design and operation of value stream mapping(VSM) applied to project management, such as R&D, IT Investment. First this study represents design methodology of VSM process using SIPOC(Supplier, Input, Process, Output, Costumer). Second, this paper considers the identification and improvement plan about non-added value time for VSM using FPC(Flow Process Chart) and PERT/CPM. Last, this paper proposes VSM scheduling method using PERT/CPM and CCPM(Critical Chain Project Management)