Lean Management is an approach to running an organisation to improve products, services, or processes by which customers do not pay for mistakes or waste but value (A Lean organisation does not have too many people or spend too much money). The Lean Management uses methods for eliminating factors that waste time, effort or money by analysing a business process and then revising it or cutting out any steps that do not create value for customers.
Reference Definition by Bizfluent.com: The origins of lean management, which is widely found throughout the business world, sprang from a simple concept. The core philosophy behind lean is that customers do not pay for mistakes or waste but value. As such, companies need to increase the value of their products or services in order to maximize profit. Lean management offers an opportunity to drive up value and promote continuous improvement.
Related Definitions in the Project: The Project Management
