Lean Manufacturing Lean manufacturing is concerned with eliminating waste in manufacturing processes. Benefits include: reduced lead times, improved quality, improved on-time deliveries, less inventory, reduced facility space (or freed up capacity for expansion), less human effort, lower costs, and increased profitability. Lean accounting is a simplified approach to costing that supports lean manufacturing with financial and nonfinancial measures. Lean manufacturing firms are pursuing a cost reduction strategy. Cost reduction is linked to cost leadership, which adds value by reducing waste. Lean manufacturing is similar to many other attempts to streamline processes, reduce waste, and improve profitability. Select "Yes or No" for the following terms which encompass many of the same methods as lean manufacturing: Toyota Production System Standard costing World-class manufacturing Cost-free manufacturing Just-in-time manufacturing Acceptable quality manufacturing