where did the term lean manufacturing come from
Lean manufacturing Lean principles are derived from the Japanese manufacturing industry. The term was first coined by John Krafcik in his 1988 article, "Triumph of the Lean Production System", based on his master's thesis at the MIT Sloan School of Management.[4] Krafcik had been a quality engineer in the Toyota-GM NUMMI joint venture in California before joining MIT for MBA studies. Krafcik's research was continued by the International Motor Vehicle Program (IMVP) at MIT, which produced the international best-selling book co-authored by James P. Womack, Daniel Jones, and Daniel Roos called The Machine That Changed the World.[1] A complete historical account of the IMVP and how the term "lean" was coined is given by Holweg (2007).[2]
Knot (unit) Etymologically, the term derives from counting the number of knots in the line that unspooled from the reel of a chip log in a specific time.
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Insurance Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.