Definition
Doing more with less by employing 'lean thinking.' Lean manufacturing involves never ending efforts to eliminate or reduce 'muda' (Japanese for waste or any activity that consumes resources without adding value) in design, manufacturing, distribution, and customer service processes. Developed by the Toyota executive Taiichi Ohno (1912-90) during post-Second World War reconstruction period in Japan, and popularized by James P. Womack and Daniel T. Jones in their 1996 book 'Lean Thinking.' Also called lean production.
Related Articles
- An Overview of Mortgages *
- Introduction to Commodities *
- Fraud and Dispute Resolution *
- What is a Credit Union? *
- Refinancing Your House and Reverse Mortgages *
- Finding a Financial Advisor Means Looking Past the Neighborhood *
- Introduction to the Federal Reserve and its Structure *
- Long-Term Investment Choices *
Related Videos
http://www.businessdictionary.com/definition/lean-manufacturing.html
