Seven Wastes of Lean
Seven Wastes of Lean - in the lean philosophy all unproductive activities in a process / system can be clubbed under 7 categories. These are Transportation, Inventory, Motion, Waiting, Over Production, Over Processing and Defect. These can be easily remembered by using the acronym - TIMWOOD.
Alternately, these 7 can also be remembered using WORMPIT (Waiting, Over Production, Rework, Motion, Over Processing, Inventory and Transportation).
An application oriented question on the topic along with responses can be seen below. The best answer was provided by Mohan PB on 3rd November 2017.