The official business definition of Key Principles of Lean is a set of practices that emphasize the elimination of waste and the creation of value for customers. Lean is a continuous improvement methodology that focuses on reducing costs, increasing efficiency, and improving customer satisfaction. Lean is based on the belief that the best way to create value is to reduce waste and improve processes. Lean principles focus on reducing the amount of time and resources needed to complete a task, while still delivering a high-quality product or service. Lean also emphasizes the importance of collaboration and communication between all stakeholders, including customers, suppliers, and employees. By utilizing the principles of Lean, businesses can increase efficiency, reduce costs, and create a better customer experience. Lean also emphasizes the importance of continuous improvement, and encourages businesses to look for ways to improve their processes and products on an ongoing basis.