L (Lean Glossary)

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Lead Time: The total time a customer must wait to receive a product after placing an order. When a scheduling and production system is running at or below capacity, lead time and throughput time are the same. When demand exceeds the capacity of a system, there is additional waiting time before the start of scheduling and production, and lead time exceeds throughput time.

Lean: Business processes requiring less human effort, capital investment, floor space, materials, and time in all aspects of operation.

Lean Management: A generalized & adoptive derivative of the Toyota Production System. i.e. Management by following the principles of TPS and not trying to replicate Toyota results by their methods.

Lean Manufacturing: Identification, removal and elimination of waste from within a system, by qualifying the wastes under the 7+1 production waste categories.

Lean Metrics: Financial behavioral  and core-process measurements that help you monitor your organization's progress toward achieving the goals of your lean initiative.

Lean Tools: these are the tools to eliminate waste e.g. 5S, multi-skilling, Poka-Yoke, JIT, Vendor Managed Inventory controls, SMED etc.

Load Balancing: Finding a balance between the volume of work that the organization needs to do and its capacity to do so.

Load Levelling: Adjusting a production schedule to meet unexpected changes in customer demand.

Location Indicators: Markers that show where and how much material should be kept in a specific location in a work area.

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