Five Fundamental Principles Of Lean (James Womack & Daniel Jones, Lean Thinking): I. Specify value: Value is defined by customer in terms of specific products & services II. Identify the value stream: Map out all end-to-end linked actions, processes and functions necessary for transforming inputs to outputs to identify and eliminate waste III. Make value flow continuously: Having eliminated waste, make remaining value-creating steps flow IV. Let customers pull value: Customer pull cascades all the way back to the lowest level supplier, enabling just-in-time production V. Pursue perfection: Pursue continuous process of improvement striving for perfection Credit to: James P. Womack/Daniel T. Jones/TQMforbetterfuture Mitesh Bhatt, LinkedIn