Asked by Jennifer Feliz on May 06, 2024
Verified
Explain the lean business model and its corresponding management practices and potential benefits.
Lean Business Model
A strategic approach focused on maximizing customer value while minimizing waste, improving overall efficiency.
Management Practices
The strategies, methods, and techniques used by managers to administer, direct, and control business operations.
- Understand the principles of the lean business model, focusing on its core concept of waste reduction and methods for ongoing enhancement.
Verified Answer
YC
Yvonnesha CooleyMay 08, 2024
Final Answer :
Many businesses in order to remain competitive in the global market place, have adopted the lean business model which focuses on the elimination of waste. This consists of implementing management practices, such as just-in-time and total quality management, which if properly implemented can enhance quality, increase efficiencies, eliminate delays and reduce costs.
Learning Objectives
- Understand the principles of the lean business model, focusing on its core concept of waste reduction and methods for ongoing enhancement.
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