The aim of this thesis is a description of a new framework of Value Stream Management (Abb. VSM) in nine steps. The framework is based on classic Value Stream Management approach. At first, Burning Platform has to be identified and with help of Current State of a chosen value stream, all the potentials in a process could be discovered. With help of literature and experience of a company, Ideal State is derived and converted into a realizable Future State. The activities, that are necessary in achievement of this Future State, are implemented and the potentials are calculated and controlled. The main objective of this thesis is the explanation of the relationship between organizational theory and Value Stream Management - main focus is on the organizational change from functional orientation to process orientation. The thesis is divided into two main parts - theoretical part and use case as an example of the presented Value Stream Management model. The theoretical part of the thesis has two chapters - Value Stream Management chapter that presents the history of Lean and Value Stream Management together with the presented approach of Value Stream Management; Organization theory chapter, which describes the basics of organizational theory along with organizational culture, organizational structure, with a focus on three different orientations of an organization (functional orientation, process orientation and matrix orientation). The focus at the end of this part of the paper is on the description of the relationships between organizational theory and Value Stream Management. Use Case represents the results of a project from a production company - it is used to depict the presented approach of the Value Stream Management implemented in a production company. The results of this thesis confirm that the presented Value Stream Management approach has a strong relationship with organizational theory and is suitable for the use in process-oriented and matrix-oriented organizations. The introduced Value Stream Management framework is also considered as a method and a tool to change an organizational structure from functional orientation to process orientation. The practice example shows that this method is very efficient in the detection of potentials for improvement and in the determination of improvement actions. Use Case describes the connection between motivation system of the organization and Value Stream Management, which leads to a close linkage between the organization and Value Stream Management.