Benjamin Franklin said that, "Time is money."
We would be hard pressed to disagree.
Time is also a non-spatial continuum that is measured by change. But, that's another story. One that Dr. Mike, Physics Ph.D, can cover someday.
In any event, much of lean is about time and space. It's where we live and where we add value...or not.
In order to identify and sustain improvement opportunities, monitor process performance and adherence as real-time as pragmatically possible, and synchronize processes with the rate of customer demand, lean practitioners must apply time-based math.
Over the coming weeks and months, we'll be getting into detailed math for the time categories reflected in the figure below.