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L Terms
Large Numbers, Law of
See: Law of Large Numbers
Last In, First Out
In accounting, last-in, first-out (LIFO) is a method of recording inventory.
Law of Large Numbers
In statistical terms, the law of large numbers is a theorem that postulates that as the size of the sample of a random variable increases, its average will approach the theoretical average.
Layoffs
Layoffs, also called downsizing, are terminations of employees because of a lack of work.
Layouts (Facility)
Facility layouts come in three basic flavors. Unplanned Layouts, Functional Layouts / Process-Oriented Layouts, Product-Oriented Layouts
Lead Time
In the most common definition, lead time is the time that elapses from when a customer places an order until the order is received.
Leader's Intent
The military has a term called “commander’s intent”. It is a part of every mission briefing in which the commander describes success and the purpose behind what he or she wants to achieve.
Leaders
Leaders are the people who can envision a destination and inspire a group of others to join them on the journey to that goal.
Leadership
In short, leadership is the act of one person uniting and motivating others toward a common goal.
Lean
In its original definition, Lean is a form of continuous improvement that springs from the Toyota Production System (TPS).
Lean Accounting
Accounting is a necessary part of any business.
Lean Enterprise Academy
The Lean Enterprise Academy is the UK equivalent to the Lean Enterprise Institute. The websites share a common look and feel and sell many of the same products.
Lean Enterprise Institute (LEI)
LEI is a non-profit based in Boston, Massachusetts. It was founded in 1997 by James Womack.
Lean Global Network
The Lean Global Network is a collaboration organization that boast the membership (as of 2020) of 30 institutes around the globe.
Lean Implementation
A Lean implementation is the initial period of time when a company or organization is putting Lean in place.
Lean Manufacturing
Lean manufacturing is the business philosophy of relentlessly eliminating waste to improve flow in a production environment.
Lean Office
For many people, the term “Lean”, immediately brings to mind Lean manufacturing and images of the shop floor.
Lean Six Sigma
Lean Six Sigma is the combination of Lean and Six Sigma into a single business philosophy.
Lean Tools
Lean tools are the individual components of a Lean system.
LEI / Lean Enterprise Institute
See: Lean Enterprise Institute
Level Loading
Level loading, also known as heijunka, is the practice of using demand estimates to establish an average production level.
Liker, Jeffrey K.
Dr. Jeffrey K. Liker is one of the foremost experts on the Toyota Production System and is a prolific writer on the subject.
Likert Scale
A Likert Scale is the sequenced set of responses we frequently see on surveys.
Line Balancing
Line balancing is the act of balancing the cycle times of the workers on a production line to the takt time.
Line Shift
A line shift is a synchronized movement of all the production work on an assembly line. It can be done in several ways. Manually, indexed moving line, or continuously moving line
Line Stop
A line stop is exactly what it sounds like. A team member presses a button that prevents an assembly line from advancing. This typically happens for one of two main reasons.
Little's Law
Little’s Law is a basic mathematics equation for calculating lead time. In the layman’s version, it says: Lead time = Number of units in WIP / Average Production Rate
Low Hanging Fruit
Low hanging fruit describes the “big bang for the buck” projects that can jump start a Lean implementation.
Low-Key Kanban
True kanban is a very formal, regimented system. Following that process in a disciplined manner is what makes it work as well as it does.
Luck
Luck is the combination of events and circumstances that randomly impact an outcome. The more one can control those inputs, the more likely the result is to be a desired one.