Examlex
A benchmark is an organization recognized for its exemplary operational performance.
Lead Time
The total time that elapses from the initiation of a process or order until its completion, often used in manufacturing and project management to measure efficiency.
Ohno's Seven Wastes
A foundational concept in lean manufacturing, identifying seven types of waste to eliminate: overproduction, waiting, transport, over-processing, inventory, motion, and defects.
Distance Reductions
A strategy aimed at minimizing the distance traveled during manufacturing or supply chain operations to enhance efficiency and reduce costs.
Safety Stock
Additional inventory kept on hand to mitigate the risk of stockouts due to unpredictable demand.
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