In: Statistics and Probability
The kanban system is a method of using cards as visual signals for triggering or controlling the flow of materials or parts during the production process. It synchronizes the work processes within your own organization as well as those that involve your outside suppliers.
When there is a smaller amount of
work to be done, one of two things can happen: 1) Underutilization
of people, machines, or materials or 2) overproduction.
With the kanban system, workers are cross-trained to be
knowledgeable about various machines and work processes so that
they can work on different manufacturing tasks as needed. This
prevents underutilization.
Kanban systems also prevent overproduction, which is the single largest source of waste in most manufacturing organizations. When you use the kanban system correctly, no overproduction will occur.
In simple words, kanban helps in improving efficiency of production at low cost by producing and storing materials only when required and as per actual consumption/demands not forecasted which helps in eliminating waste.
So, all options are correct.
Kanban is
A waste elimination technique, a inventory storage process, process to increase material planning, and consumption based trigger to start a specific amount of production.