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Lean Principles
A methodology originating from the Toyota Production System that seeks to maximize customer value while minimizing waste within manufacturing and related processes.
Cycle Efficiency
The effectiveness and speed with which a business completes its operational cycle from start to finish.
Conversion Costs
The combined costs of direct labor and manufacturing overhead to convert raw materials into finished goods.
Raw Materials
The basic substances or components used in the manufacturing or production process to create goods and products.
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