The Grid by Matt Watkinson

Author:Matt Watkinson
Language: eng
Format: epub
Publisher: Random House
Published: 2017-08-24T04:00:00+00:00

Eliminate waste

No discussion of cost management would be complete without mention of the Toyota Production System (TPS), a revolutionary approach to manufacturing that allowed Toyota to set new standards for quality at a greatly reduced cost.

A central TPS theme is the continuous drive to eliminate waste: any operation that does not add value to the final product or service.15 Four sources of waste are common:

Overproduction – the cost of manufacturing and storing excess inventory is wasteful.

Waiting – paying staff to be inactive is wasteful.

Overprocessing or incorrect processing – inefficient processes soak up time, poor processes result in defective products, and products of higher quality than necessary waste resources.

Defects – the production of defective parts can be highly disruptive and time-consuming.

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