Question

Lean production: A set of principles concerned with reducing waste and improving flow through elimination of:

1. Wasteful overproduction
2. Constant governmental regulation
3. Out sourcing to third world countries
4. Over-processing to have large inventories

Answer 1

Lean production: A set of principles concerned with reducing waste and improving flow through elimination of wasteful overproduction (A).

The main goal of lean busines processes is to reduce wasteful spending along the production process. Companies account for waste at every stage as part of their overhead and the same gets rolled into the price paid by customers.

An important step in creating lean business processes is eliminating wasteful activities that eat up time and resources which provide no value to the business or the customer.

Assessing other options in the question-

Constant government regulations, outsourcing to third world countries or over-processing to have large inventories does not help in reducing waste.