Statement What is wrong, and what makes it correct/complete? Takt time is the minimum time to allocate to each flow unit in order to meet the demand Wait time is the only waste to eliminate Variety and process flexibility are two of the 4 key product attributes Expecting too much product variety from an inflexible process will result in opportunity costs The path with the smallest number of resources is taking the longest to complete, and therefore is called the Critical Path Product mix modification refers to processing the shorter/faster tasks Buffer is a flow unit that has to wait An increase in the duration of a process leads to an increase in the outflow rate (R) (Assuming that the Inventory remains unchanged). =