Lean Management Practices

Lean Practices

• I.E.V. stands for Integrated Efficiency Ventures.
• Phil's company, I.E.V., is facing a main problem of poor cash flow due to low inventory movement and high cost of goods sold.

Starting a Lean Journey

• Three guidelines for starting a Lean journey are: Know WHY before knowing where, Follow the money, and Visualize the future.

Lean Thinking

• Lean Thinking emphasizes the importance of eliminating waste and continuously improving processes.
• The 7 Wastes identified in Lean Thinking are: Defects, Over Production, Waiting, Non-Utilized Talent, Transportation, Inventory, and Motion.

Lean Calculations

• Takt time is calculated by dividing available production time by customer demand.
• Takt time determines the output required, while Cycle time determines capacity.

Standardized Work

• The primary goal of standardized work in Lean practices is to ensure consistency and continuous improvement.

5S Methodology

• The 5S methodology includes the following elements: Sort, Set in order, Shine, Standardize, and Sustain.

Kaizen Approach

• The focus of the Kaizen approach is continuous improvement and change for the better.

SMED and Kanban

• SMED stands for Single Minute Exchange of Die.
• The purpose of a Kanban system is to manage and improve work across human systems.

Lean Principles

• Jidoka is the Lean principle that involves stopping a process automatically if there are irregularities.
• The "lake and rocks" analogy is used to illustrate the benefits of reducing inventory to expose problems.
• The causes of variation are known as the 6 M's: Man, Machine, Material, Method, Mother Nature, and Measurement.

This quiz covers the basics of Lean practices, including the importance of eliminating waste and continuously improving processes. Learn about the guidelines for starting a Lean journey and the challenges of poor cash flow.