In: Finance
state the lean tenets in your own words. this is the same as the seven forms of wastes
The seven forms of wastes are as follows
1. Overproduction is a type of waste since it results in additional storage cost and may become obsolete.
2. Excess motion results in waste. If the machines are not positioned efficiently too much time and energy is wasted in moving the item from one place to another. Instead the machines must be positioned in such a way as to minimize the movement.
3. Wait time is a form of waste. When work is not planned properly the workers and the machine both lay idle which results in waste of time and efficiency.
4. If improvements are made to Products unnecessarily it results in wastage since it adds to the cost but adds no value to the product.
5. When items are unnecessarily transported it results in wastage. Transportation adds no value but actually results in wastage of resources and there is a risk of loss to the products.
6. Holding excess inventory is a common type of waste since it increases the holding cost and increases the risk of damages to the product.
7. Having too many defects is a waste since the defective parts have to be reworked upon. This results in additional cost.