Rule of Thumb

A rule of thumb is simply a general process applied to a broad condition. They tend to have a wide-ranging application and are more based on accumulated experience and tribal knowledge than actual science. This is different from rules, regulations, Standard Work, and other forms of documented instructions. In those Read more…

Payback Period

Usually used in connection with a capital investment, a payback period is the length of time it will take to recoup the amount of money put into a project. The exact methodology for determining a payback period varies based on the way assumptions are made, and the formula used to Read more…

Wait Time

Waiting is one of the seven wastes first introduced by Taiichi Ohno, and still commonly used in modern Lean. Wait time is particularly bad because it consumes a non-renewable resource, and an important one at that: Time. Waiting occurs for a variety of reasons. People often wait for a machine Read more…