7 Wastes of Lean

The 7 Wastes of Lean are a set of principles that help Product Managers identify and eliminate inefficiencies in their processes. These wastes were first identified by Toyota as part of their Lean Manufacturing philosophy, but they can be applied to any industry or process. The 7 Wastes are:

1. Overproduction: Producing more than is needed or producing too early can lead to excess inventory, wasted resources, and increased costs.

2. Waiting: Time spent waiting for equipment, materials, or information can lead to delays, lost productivity, and increased lead times.

3. Transportation: Unnecessary movement of goods or people can result in damaged products, increased costs, and wasted time.

4. Processing: Performing unnecessary steps or using inefficient processes can lead to increased costs, wasted time, and reduced quality.

5. Inventory: Excess inventory ties up capital, takes up valuable space, and can become obsolete or damaged.

6. Motion: Unnecessary movement of people or equipment can lead to wasted time, increased risk of injury, and decreased efficiency.

7. Defects: Errors, mistakes, or defects in products or processes can lead to rework, scrap, and customer dissatisfaction.

By identifying and eliminating these wastes, Product Managers can improve efficiency, reduce costs, and increase customer satisfaction. It is important to note that not all wastes can be eliminated completely, but they can be minimized through continuous improvement efforts. The 7 Wastes of Lean should be used as a guide to identify areas for improvement and to drive change within the organization.