Join Chris Croft for an in-depth discussion in this video Understanding lead time, part of Process Improvement Fundamentals.
- Of quality, cost, and time,…it's often time that gets forgotten.…We know the quality needs to be high.…And customers remind us of that if it isn't.…And we know that costs have to be low.…But time, as in lead time, often gets forgotten.…And if we need things quicker,…it's often assumed that we just have…to work harder or something.…But there's actually a whole lot…of interesting science and theories behind lead time.…And that's what I want to go into with you now.…By the way, the simplest way to be able…to deliver a product quickly is to keep them in stock.…
It doesn't matter how long it takes to make them…if you keep some in stock, does it?…Although, in a way, yes it does…because stock is almost always a bad idea.…It costs money for the space to store it.…It goes out of date.…It gets damaged or pilfered.…It needs managing and checking.…It's capital tied up.…And it allows you to get away with being less…and less efficient in your manufacturing.…Keeping stock reduces your ability to be flexible…and to make exactly what each customer wants.…
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- Measuring processes
- Using statistical process control
- Optimizing the quality, cost, and time trade-off
- Understanding queues
- Reducing cost by reducing waste
- Improving delivery time
- Thinking about batch sizes
- Understanding Lean and Six Sigma processes