5. Jefferson Industries Ltd. is a successful and growing firm. It manufactures many products and is considering introducing another three products during 2021. The CEO has approached you, as a recent hire into the accounting department, with questions about whether or not implementing a Lean Manufacturing and Lean Management philosophy would be beneficial for the company. The concept was raised at the Board of Directors by an external board member whose firm has successfully implemented lean thinking. The head of the Accounting Department is months away from retirement and will not be available to lead the company through the process. Required: a) Explain to the CEO what is meant by a lean thinking philosophy. Note there are only 2 marks available - this is a high-level understanding of the philosophy b) Identify and describe three concepts that could be incorporated into the strategy of Jefferson Industries to achieve a lean thinking environment. Make sure the timing is clear, when in the operations of the company would this take place, and what difference will it make in operations, 114 in enneidoring an investment in new equipment. The 2 6 5. Jefferson Industries Ltd. is a successful and growing firm. It manufactures many products and is considering introducing another three products during 2021. The CEO has approached you, as a recent hire into the accounting department, with questions about whether or not implementing a Lean Manufacturing and Lean Management philosophy would be beneficial for the company. The concept was raised at the Board of Directors by an external board member whose firm has successfully implemented lean thinking. The head of the Accounting Department is months away from retirement and will not be available to lead the company through the process. Required: a) Explain to the CEO what is meant by a lean thinking philosophy. Note there are only 2 marks available - this is a high-level understanding of the philosophy b) Identify and describe three concepts that could be incorporated into the strategy of Jefferson Industries to achieve a lean thinking environment. Make sure the timing is clear, when in the operations of the company would this take place, and what difference will it make in operations, 114 in enneidoring an investment in new equipment. The 2 6