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Siemens manufacturing wanted to increase the efficiency of their turbine manufacturing process by implementing a lean-based methodology. In order to understand how best to do this, Siemens entered a 'learning partnership' with Toyota, where managers from Siemens would act as 'managers-for-a-week' at Toyota to learn about their lean manufacturing processes. This is an example of:
Final Product
The last output of a production process, after all stages of production are completed.
Marginal Revenue Product Curve
A graphical representation showing how the extra revenue generated from employing one more unit of a resource changes as more of the resource is employed.
Demand Curve
A visual map indicating how consumer demand for a product varies with changes in its price.
Labor
The work performed by humans which is often measured in terms of hours or productivity and is a fundamental factor of production.
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