You have recently been hired by Pankaj Kumar 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. You responded to the president's concerns by mentioning some articles you had read in professional accounting journals regarding the lean thinking model. The president

responded to your comments by saying that although the lean thinking model sounded interesting, no one in the company was knowledgeable about it. The president then requested that you prepare a brief summary of the lean thinking model for the next strategic planning meeting.

Required:

a. Describe the lean thinking model and how it differs from traditional manufacturing methods. (10 marks)

b. List at least five benefits of the Lean Thinking Model.