What term describes a practice focused on creating value while minimizing waste?

The practice that focuses on creating value while minimizing waste is known as lean production. This approach is centered around the idea of maximizing efficiency by eliminating any activity that does not add value to the final product. By streamlining processes and improving workflow, lean production aims to enhance productivity while reducing costs. This methodology ensures that resources are used effectively, thereby minimizing waste and creating a more sustainable operational environment.

In contrast, mass production is a manufacturing practice that emphasizes the large-scale production of goods, often at the expense of flexibility and potential waste. Sustainable manufacturing, while related to minimizing waste, additionally includes broader environmental considerations and life-cycle impacts, not solely focused on the production phase. Traditional production methods, on the other hand, typically adhere to established practices that may not prioritize waste reduction or efficiency improvements as effectively as lean production does.