I didn't comment on the first chart because kglade put my thoughts very well. I think that your second chart captures all of the elements but the overall feel of the chart is not as focussed as the Workflow Diagram. I think that that the process is incidental to the outcome. The outcome is the buckets and that's where the Workflow Diagram is very clear. Starting with the desired buckets and using them as a spur to action is the way I would go - then refining the thinking of the Process stage will lead to better utilization of the buckets. If I were to try to remodel the Workflow Diagram I would start at the end and work towards the beginning.