Provide a definition by description of the Lean philosophy. Where can Lean be deployed?
What will be an ideal response?
Answer: Our trusty APICS dictionary weighs in thusly.
Lean is a philosophy of production that emphasizes the minimization of the amount of all the resources (including time) used in the various activities of the enterprise. It involves identifying and eliminating non-value-adding activities in design, production, supply chain management, and dealing with the customers. Lean producers employ teams of multiskilled workers at all levels of the organization and use highly flexible, increasingly automated machines to produce volumes of products in potentially enormous variety. It contains a set of principles and practices to reduce cost through the relentless removal of waste and through the simplification of all manufacturing and support processes.
The Lean philosophy has extended beyond just manufacturing to include services and essentially all aspects of supply chain management. Firms following a Lean philosophy often experience remarkable improvements in their productivity (outputs/inputs), inventory levels, and quality. Lean can also be applied outside of the work environment; even as I develop this test bank my garage is undergoing a magical transformation from a cluttered pit of grease and despair to a pristine, organized, car-friendly workshop.
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Terri has found ways to be effective at her expatriate job in Switzerland. In fact, she can function equally well in the new culture as she can in her home culture. Terri is at the ______ stage of the cycle of adjustment to the foreign environment.
A. mastery B. adjustment C. honeymoon D. culture shock
Fact Pattern 24-1BDominion Sales Ltd. in Canada and Eagle Buying Company in the United States enter a contract for a sale of forestry products. Dominion draws a draft unconditionally ordering Great Federal Bank, Eagle's bank, to pay $60,000 to Dominion's order in sixty days. Eagle signs and dates the draft.Refer to Fact Pattern 24-1B. With respect to this instrument, Dominion is
A. the banker. B. the maker. C. the payee. D. the trader.
Thompson's Jet Skis has operating cash flow of $11,618. Depreciation is $2,345 and interest paid is $395. A net total of $485 was paid on long-term debt. The firm spent $6,180 on fixed assets and decreased net working capital by $420. What is the cash flow of the firm?
A) $5,858 B) $8,203 C) $9,228 D) $5,018 E) $7,363
__________ conflict management norms resolve conflict in a cooperative manner.
A. Active B. Passive C. Agreeable D. Disagreeable E. Strategic