Contrast the Application of Lean Concepts in North American-Based Facilities

question 75

Essay

Contrast the application of lean concepts in North American-based facilities versus Japan-based facilities, and describe the benefits and drawbacks of lean production.

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Definitions:

Negotiability

The characteristic of a financial instrument that allows it to be transferred or assigned from one party to another, ensuring the receiving party obtains a good title.

Negotiable Instrument

A written order or unconditional promise to pay a fixed sum of money that is transferable from one party to another.

Movability

The quality of a negotiable instrument that ensures it is mobile and available.

Relative Permanence

The concept that certain things are not absolutely permanent but can be considered permanent relative to specific contexts or conditions.