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 are the implications of waste in the operating or manufacturing process as discussed in the text?

Explain how efficient allocation of resources can affect overall output in an organization.