Define Lean Enterprise and the Four Principles of Lean Operating

question 51

Essay

Define lean enterprise and the four principles of lean operating systems.

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Definitions:

Secured Party

An individual or entity holding an interest in a secured transaction as security for performance obligation, typically involving collateral.

Attachment

A legal process by which a court of law, at the request of a creditor, designates specific property owned by the debtor to be transferred to the creditor, or sold for the benefit of the creditor.

Security Interest

A legal claim or lien on collateral, ensuring an entity or individual (the secured party) to collect on a debt or obligation.

Collateral

An asset offered by a borrower to secure a loan, which the lender can seize if the borrower fails to repay the debt.