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Key Principles of Lean

Although Lean was conceived and first implemented in the manufacturing industry, its key principles can be applied to many other business models. The fundamental principles of Lean have been summarized by Womack and Jones in The Machine that Changed the World. With this book, Womack and Jones are credited with spreading the idea of Lean production outside of the Japanese manufacturing industries and became a global phenomenon.

Five Fundamental Principles of Lean:
  1. Value: Precisely specifying the value of each product or service
  2. Value stream: Identify the value stream for each product
  3. Flow: Make value flow without interruption (remove batching and wait times)
  4. Pull: Let the customer pull the value from the producer
  5. Perfection: The idea that good is never good enough, that pursuing excellence is a continuing process