The group was back at the table with their box lunches.
Bill looked at Tony and asked, “Tony, are you ready to resume the meeting?”
Tony said, “Yes I’m ready.”
Tony walked to the front of the room and said, “The C-O-S-T approach eliminates waste in the high-impact value stream. Waste in business is any activity that absorbs resources but adds no value to a product or service. Waste does not add value to a product or service, but it does add cost. Customers are not willing to pay for waste. If competitors produce the same product or service with less waste, they will have a cost advantage.
There are eight types of waste. Seven have been identified as part of the Toyota Production System where waste is called ‘Muda.’ ...
Get C-O-S-T now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
