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PRODUCTIVITY & EFFICIENCY
Productivity refers to efficiency in the use of resources. This is measured by the size of its output per unit of input.

It is not measured by profit. Although companies with higher productivity tend to be more profitable this is not always the case.

Most common measure…

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JUST IN TIME: carefully scheduling the arrival of materials and components to the production process in small quantities as they are required. This
reduces the cost of stockholding and the space required.

KAIZEN: continuous improvement, typically drawing ideas from everyone for small improvements and constantly looking for better ways to…

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