Lead Time Reduction in Planning & Procurement
Keywords:
Lead Time , 6 sigma , Parito Chart , Lean ManufacturingAbstract
A Lead time is the latency between the initiation and execution of a process. In terms of Supply Chain Management lead time can also be defined as the time from the moment the customer places an order to moment it is ready for delivery. In manufacturing sector lead time includes the time required to ship the parts to the supplier. In project management lead time is the time it takes to complete a task or a set of interdependent tasks. In this paper, we interpret the causes for excess lead time and suggest practical, inexpensive strategies and procedures for reducing it. Our recommendations are based on detailed study of many manufacturing industries. Interpreting the differences between work in process, flow time variance and lead time, we systematically review potential methods for lead time reduction by reducing lead time or flow time variance
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