The manufacturing industry is, not surprisingly, global in scale. It can refer to any industries involved with manufacturing and processing items, from makeup to auto parts. In a free market economy (such as the U.S.), manufacturing exists to create products for profit. China leads the world in manufacturing output, followed by the European Union, the Eurozone, the United States and then Japan (Worldbank ranks by region, not necessarily by country).
Eliminating Waste During This Process Helps to Save Money
Not surprisingly, an important aspect of running a business is eliminating waste in the process. Waste eats into profits and drives up the cost of production. For this reason, many companies look for ways to systematically eliminate waste within a system, through a process known a