What term describes a production practice focusing on eliminating wasteful resource expenditures?

The term that describes a production practice focusing on eliminating wasteful resource expenditures is lean manufacturing. This methodology aims to streamline processes by reducing waste and optimizing efficiency. In lean manufacturing, waste is defined broadly, encompassing anything that does not add value to the end product, such as excess inventory, unnecessary motion, waiting times, and defects.

Lean manufacturing employs various tools and techniques to achieve its goals, such as value stream mapping, 5S (sort, set in order, shine, standardize, sustain), and continuous improvement processes. By concentrating on eliminating waste, companies can increase productivity, reduce costs, and improve overall product quality, ultimately leading to a more sustainable and competitive operation.

Agile development, while also focused on improving efficiency, pertains to software development and emphasizes flexibility and quick responses to change rather than solely on waste elimination. Six Sigma primarily concentrates on reducing defects and variability in processes rather than just waste. Just-in-time relates more specifically to inventory management and aims to produce only what is needed when it is needed, which does contribute to waste reduction but does not encompass the broader focus of lean manufacturing.