In: Operations Management
Research for an article or material (provide the source) on lean principles.
Submit your responses to the following:
Briefly in your own words, summarize the main lean principles described in the article or case study you read.
Of the four lean principles of operations management, which one do you feel will provide the greatest impact on the company you just read about? Support your answer.
5 principles of lean management
Value
Value stream
Flow
Pull
Perfection
Value
By adding value to the product that would be beneficial for
customer, customers would be more interested in buying the product
and services. This helps to identify what customer is willing to
pay for a particular product based on the interest of purchasing
the product. This factor is directly proportional to the quality
and services provided by the manufacturer.
Value stream
It is important to ensure that the operational activities and the
logistics is conducted in an efficient manner so as to avoid delay
and wastage of time and money. Lean management promote better
relationship between supplier and customer to ensure efficient
supply chain management which in turn would help to eliminate waste
from entire value stream.
Flow
According to lean management design every activity of the supply
chain management to ensure better flow of the product across the
value chain which would help to eliminate any obstacle that would
disrupt the value chain and hence eliminating the waste.
Pull
According to pull system order is placed only after customer
requirement rather than manufacturing many orders and storing it in
an inventory this helps in eliminating inventory cost.
Perfection
every Lean manufacture as set his target for perfection. In order
to achieve perfection it is important to continuously monitor the
activities related to supply chain and implement Kaizen in order to
continuously improve the system to achieve perfection.
Out of the above principle the quality of perfection has more impact on the organisation as the organisation continuously strives to eliminate waste and delay which helps in generating better revenues over short period of time.
Source
http://www.maskell.com/lean_accounting/subpages/lean_manufacturing/lt_the_principles_of_lean_manufacturing.html