Chapter 5 – Lean Thinking

1. Why is the concept of value important in Lean thinking?
   • Value is defined by the customer, and essentially includes anything and everything your customer is willing to pay for, and not one item more. Adding more than a customer wants is waste. Anything less leaves the customer dissatisfied and potentially open to looking at alternative products and solutions.
2. What are the five foundational principles of Lean thinking (Womack and Jones, 2003)?
   • Value, Value Stream, Flow, Pull, and Perfection.
3. What are the eight common forms of waste?
   • Waiting, overproduction, extra-processing, transportation, motion, inventory, defects, and unused human talent and intellect.
4. What are the three primary types of value streams?
   • The process of product conceptualization and design
   • Demand creation and order handling
   • Product development and delivery
5. What is the purpose of TAKT time, and how is it calculated?
   • It is a mathematical approach to limit the intake of new...