5. You have recently been hired by a manufacturing company. Two days ago, you met with the top management of the company to discuss future strategies for the firm. During the meeting, the president of the company expressed concern about the profitability of the company and the company's ability to compete effectively in the future. The president noted that a consultant had approached the company recently, offering its services to implement a lean thinking model. The president noted that no one in the company was knowledgeable about it, so additional information was needed in order to know whether it was worth following up with the consultant or not. The president then requested that you prepare a brief summary of the lean thinking model for the next strategic planning meeting.

Required:

3a) Describe the lean thinking model and how it relates to the concepts of value-added and non-value added activities.

3b) List three benefits of the lean thinking model, and explain how these benefits are essential to the successful implementation of lean thinking in a manufacturing environment.