Which statement best defines 'lean management'?

Lean management is best defined as a philosophy aimed at minimizing waste and maximizing value. This approach emphasizes the importance of using resources more efficiently while delivering higher quality products or services to customers. The core principle of lean management is to streamline processes by eliminating non-value-added activities, which in turn reduces waste and optimizes productivity.

By focusing on value creation, lean management seeks to enhance customer satisfaction through the continuous improvement of processes, fostering an environment where every employee is engaged in identifying areas for improvement. This philosophy is rooted in the idea that by systematically identifying and eliminating waste, businesses can operate more efficiently and effectively.

In contrast, the other options do not capture the essence of lean management. For example, maximizing waste directly contradicts the goals of lean principles, which are all about reducing waste. Prioritizing profits over processes ignores the necessity of sustainable practices and operational efficiencies that are vital for long-term success. Lastly, neglecting customer feedback would undermine the lean focus on delivering value, as understanding and responding to customer needs are crucial components of any lean strategy.