Lean manufacturing is a systematic way of producing goods which leads to minimal wastage of resources. It also reduces the cost of production without affecting productivity.
Lean aims at increasing productivity by improving operational efficiency of production.
Lean Manufacturing has the following principles:
1. Identify value: Focus on what will add value to customer.
2. Map the value stream: Choose the system and process to deliver the identified value.
3. Create a flow: To be able to increase productivity, it is important to be able to map the flow of activities properly.
4. Establish pull: Here the focus is on inventory as in lean manufacturing a product is created only when it is needed.
5. Seek perfection: Consistently try to reduce defects and attain perfection.