Productivity
The output created (products and services) created by use of energy, work, capital, materials, or resources. Often, traditional productivity does not measure use of external resources (such as natural resources like air or water) or adverse effects of internal resources (such as corporate culture or employee stamina) and does not calculate costs required to correct the degradation of these resources. Therefore, companies, economies, and societies can incur substantial deficits from economic activities when indications are that productivity is high or growing.
A mention of lean process could have been given as one of the many productivity initiatives companies adopt. For example, Lean Process reduces the “Zero Value-Added (ZVA)” or “Low Value-Added (LVA)” activities to take away the fat from the process. One should not get engaged in an activity for which customer is not ready to pay or there is no or low business value. That’s why the focus on productivity is so important.