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I (Lean Glossary)

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Informative Inspections: An error-proofing method that provides timely information about a defect so that a root cause analysis can be performed and process adjustments can be made before significant numbers of defects are created.

Internal Processes: Activities that an equipment operator must perform while production line is idle.

Inventory: Any part or product that is not immediately required for a customer order, such as excess raw materials, WIP and FG.

ITO: (Inventory Turnover Rate) A metric that measures how quickly your company sells the products it produces.

Inventory Turnover Ratio: Ratio of material consumption in a certain period and average inventory over a defined period (e.g. year). It measures the financial health of the company.


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