Lead time and cycle time are two terms that are often used in the business world to describe the amount of time it takes to complete a process. Lead time is the total amount of time it takes to complete a process from start to finish, while cycle time is the amount of time it takes to complete a single cycle of the process. Lead time includes all the time it takes to plan, prepare, execute, and complete the process, while cycle time only includes the time it takes to complete a single cycle of the process. Lead time is important for businesses to understand because it helps them to plan and manage their resources effectively. It also helps them to identify areas where they can improve their processes to reduce lead time and increase efficiency. Cycle time is important for businesses to understand because it helps them to identify areas where they can reduce the amount of time it takes to complete a single cycle of the process, which can help to improve efficiency and reduce costs.