In a Lean Environment, Anything Not Essential to the Product

question 42

True/False

In a lean environment, anything not essential to the product or process is viewed as waste.

Identify the concept of span of control within project management.

Understand the concept of the Darnall-Preston Complexity Index (DPCI) and its application in assessing project complexity.

Comprehend the principles of project procurement and supplier relationship management.

Recognize the range of administrative and control functions in projects.

---

Definitions:

Present Value

The current worth of a future sum of money or stream of cash flows given a specified rate of return, often used in the time value of money calculations.

Compounded Annually

Interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a loan or deposit.

Inheritance

Wealth or attributes passed on to heirs upon the death of an individual.

Lump Sum

A lump sum is a single payment of money, as opposed to a series of payments made over time.