1. Just-in-time definitions and objectives

Definitions

Value (in the accounting sense) is only produced to satisfy a real, registered customer need; it must be generated at a price that seems reasonable and that the customer will be able to pay (another word for this is "total quality").

Value means having the right parts in the right quantities at the right time in the right place. The entire manufacturing cycle is involved.

Adding value to a product does not necessarily mean increasing its cost: end-users are not concerned by manufacturing costs, but only...