Lean manufacturing as a way to optimize costs: Principles, tools, and implementation practices

Subject. This article deals with the tools of lean manufacturing concept that seek to eliminate losses or minimize them as much as possible while improving the quality of products provided. Objectives. The article aims to examine the theoretical and methodological aspects of the lean concept, and describe the foreign experience of using lean technologies. Methods. For the study, I used the methods of analysis, retrospection, comparison, and generalization. To present the study results, I used the tabular method. Results. The article defines the notion of Loss (Muda) and types of losses specified in dedicated sources. It describes the techniques that help companies eliminate losses and maximize market orientation through their staff members’ participation. The article defines the content and discusses the implications of implementing various key tools of the lean concept. Conclusions. Lean technologies can be implemented both individually and in combination with one another. When combined, the technologies can help both optimize labor and tangible costs, and meet the needs of customers. The use of a wide range of lean concepts can contribute to solving socioeconomic challenges faced by an individual economic entity and the entire country.