ECONOMICS

Detailed explanation-1: -The core principle in implementing lean manufacturing is to eliminate waste to continually improve a process. By reducing waste to deliver process improvements, lean manufacturing sustainably delivers value to the customer.

Detailed explanation-2: -“Lean” refers to a systematic approach to enhancing value in a company’s inventory by identifying and eliminating waste of materials, effort and time through continuous improvement in pursuit of perfection.

Detailed explanation-3: -The primary goal of lean manufacturing is to eliminate waste, (anything that doesn’t add value from a customer perspective), and inventory falls within that scope. So essentially lean inventory management best practices are focused on reducing inventory levels to zero.

Detailed explanation-4: -Lean production is a philosophy that aims to systematically eliminate waste. It focuses on reducing system response time so that the production system is capable of rapid change to meet market demands.