TIMWOOD is an acronym representing seven types of waste that can occur in a process. These wastes are non-value-added and must be reduced.
Further Explanation:
T – Transport costs time and money and can cause damage.
I – Inventory ties up capital, requires space, must be transported, and monitored.
M – Unnecessary movement by employees wastes work time.
W – Often machines wait rather than people.
O – Excess work for something not currently needed.
O – Overproduction ties up capital and resources.
D – Errors and rework consume capacity.
