Lead time
From Wikipedia, the free encyclopedia
Lead Time, in publishing, is a term for describing the amount of time that a journalist has between receiving a writing assignment, and submitting the completed piece. Depending on the publication, lead times can be anything from a couple of hours to many months.
The term is also used to refer to the period of time between the initiation of any process of production and the completion of that process. Thus the lead time associated with ordering a new car from a manufacturer may be anywhere from 2 weeks to 6 months. In industry, lead time reduction is an important part of lean manufacturing.
A more conventional definition of Lead Time in the Supply Chain Management realms is the time from the moment the supplier receives an order to the moment it ships it in the absence of finished goods or intermediate (Work In Progress) inventory--it is the time it takes to actually manufacture the order without any inventory other than raw materials or supply parts.
In Project Management Lead Time is the time it takes to complete a task or a set of interdependent tasks. The Lead Time of the entire Project would be the Critical Path for the project.
