Which of the following best defines 'Value' in the Lean context?

In the Lean context, value is best defined as the features that customers expect and are willing to pay for. This focuses on understanding the customer's needs and ensuring that products or services deliver what is essential to them. By identifying what customers perceive as valuable, companies can streamline their processes to enhance these attributes, eliminating any waste that does not contribute directly to customer satisfaction.

This perspective fosters a customer-centric approach, driving improvements in processes that align with customer expectations, thereby increasing overall value. While minimizing operational costs, enhancing efficiency, and reducing production time can contribute to the broader context of Lean, they are secondary to the primary goal of delivering what the customer deems valuable.