Lean manufacturing is a systematic approach for identifying and eliminating waste in operations through continuous improvement for doing everything more efficiently, reducing the cost of operating the system and fulfilling the customers desire for maximum value at the lowest price.
By eliminating waste (muda), quality is improved, production time and costs are reduced
Lean is about more than just cutting costs in the factory. One crucial insight is that most costs are assigned when a product is designed. Often an engineer will specify familiar, safe materials and processes rather than inexpensive, efficient ones. This reduces project risk, that is, the cost to the engineer, while increasing financial risks, and decreasing profits. Good organizations develop and review checklists to review product designs.