The Focus of Lean Six Sigma Is on Removing Non-Value

question 70

True/False

The focus of Lean Six Sigma is on removing non-value added steps and waste which can exist in any part of an organization.

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Definitions:

Market Equilibrium

occurs in a market when the quantity supplied equals the quantity demanded, typically represented by the intersection of supply and demand curves.

Surplus

An excess of production or supply over demand, often resulting in a decrease in prices.

Equilibrium Price

The rate at which the supply of products aligns perfectly with the demand for these goods.

Quantity Demanded

The amount of a good or service consumers are willing and able to purchase at a given price level, during a specified period.