Question:

In the context of Operations Management, which of the following best describes the concept of 'Lean Management'?

Options:

A. A strategy focused primarily on maintaining high levels of inventory to meet unpredictable customer demand.

B. A management philosophy emphasizing efficiency, by the elimination of waste and continuous improvement in performance.

C. A method that prioritizes the development of new products over process improvements.

D. A system that relies heavily on complex and highly specialized machinery to increase productivity.