Value stream mapping (VSM) is a well-known lean analytical tool in identifying wastes, value, value stream, and flow of materials and information. However, process variability is a waste that traditional VSM cannot define or measure since it is considered as a static tool. For that, a new model named Variable Value Stream Mapping (V-VSM) was developed in this study to integrate VSM with risk management (RM) using Monte Carlo simulation. This model is capable of generating performance statistics to define, analyze, and show the impact of variability within VSM. The platform of this integration is under Deming’s Plan-Do-Check-Act (PDCA) cycle to systematically implement and conduct V-VSM model. The model has been developed and designed through literature investigation and reports that lead in defining the main four concepts named as; Continuous Improvement, Data Variability, Decision-Making, and Data Estimation. These concepts can be considered as connecting points between VSM, RM and PDCA.