ENTREPRENEURSHIP

Detailed explanation-1: -Lean manufacturing is a process that focuses on eliminating waste to reduce costs in order to generate more profit. Since profit = sales-costs, a company that is successful in reducing its costs should see an increase in its profit.

Detailed explanation-2: -By improving quality, fewer defective products are produced, minimizing waste, and therefore reducing costs. By reducing production times, labor and facility costs per part are reduced.

Detailed explanation-3: -The five principles of lean manufacturing are value, value streams, flow, pull, and perfection. They guide organizations on how to create the most amount of value for their customers while maximizing efficiency at the same time.

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.