Recent Developments in Lean Thinking Have Combined These Principles with Six

question 25

Essay

Recent developments in Lean thinking have combined these principles with Six Sigma and with supply chain management. Pick either one of these programs and describe its elements. Then provide an example from current business news of an operation or supply chain that has embraced these principles.

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Definitions:

Incremental Annual Revenues

The additional revenues generated over a year from a particular action or decision, often considered in investment or project analysis.

Scrap Value

The estimated residual value of an asset at the end of its useful life, often considered when calculating depreciation.

Cash Inflows

Money received by a business from various sources, including operations, investment, and financing activities.

Payback Period

The length of time it takes for an investment to generate enough cash flow to recover its initial cost.