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[2] [3] Value added is a higher portion of revenue for integrated companies (e.g. manufacturing companies) and a lower portion of revenue for less integrated companies (e.g. retail companies); total value added is very nearly approximated by compensation of employees, which represents a return to labor, plus earnings before taxes ...
Lean Six Sigma is a process improvement approach that uses a collaborative team effort to improve performance by systematically removing operational waste [1] and reducing process variation. It combines the many tools and techniques that form the "tool box" of Lean Management and Six Sigma to increase the velocity of value creation in business ...
An industry value-chain is a physical representation of the various processes involved in producing goods (and services), starting with raw materials and ending with the delivered product (also known as the supply chain). It is based on the notion of value-added at the link (read: stage of production) level.
Lean manufacturing also involves people who work outside of the manufacturing process, such as in marketing and customer service. Lean manufacturing is particularly related to the operational model implemented in the post-war 1950s and 1960s by the Japanese automobile company Toyota called the Toyota Production System (TPS), known in the United ...
A lean laboratory is one which is focused on processes, procedures, and infrastructure that deliver results in the most efficient way in terms of cost, speed, or both. Lean laboratory is a management and organization process derived from the concept of lean manufacturing and the Toyota Production System (TPS).
In business management theory, the smiling curve is a graphical depiction of how value added varies across the different stages of bringing a product on to the market in an IT-related manufacturing industry. The concept was first proposed around 1992 by Stan Shih, the founder of Acer Inc., an IT company headquartered in Taiwan.
Manufacturing engineering is the field of engineering that designs and optimizes the manufacturing process, or the steps through which raw materials are transformed into a final product. The manufacturing process begins with the product design, and materials specification. These materials are then modified through manufacturing to become the ...
Many lean manufacturing methods have been successfully adapted to identify non-value added activities (waste) in administrative, transactional, and office processes that are common in government agencies. [3] Common Lean methods include: