Lean Strategy

The video tutorial explains lean strategy, focusing on producing more with less input by eliminating waste. It introduces two approaches: technical efficiency, which maximizes the utility of resources, and economic efficiency, which optimizes resource allocation. Both strategies aim to improve output by reducing redundancies and ensuring efficient use of resources.

What is the primary goal of a lean strategy?

• To produce more with less input

• To increase the number of employees

• To increase the number of products

• To expand the physical workspace

Which approach focuses on maximizing the output from allocated resources?

• Resource allocation

• Technical efficiency

• Economic efficiency

• Process optimization

What does technical efficiency ensure in a lean strategy?

• Resources are distributed based on employee preference

• No waste is left and all value is extracted

• Processes are overstaffed for maximum output

• All resources are allocated equally

How does economic efficiency differ from technical efficiency?

• It emphasizes increasing the number of tasks

• It ensures no waste is left in the process

• It involves optimal allocation of resources across processes

• It focuses on maximizing output from resources

What is the effect of efficient resource allocation in economic efficiency?

• It focuses on individual task completion

• It increases the number of employees

• It minimizes excesses and balances output

• It leads to shortfalls in some areas