Ask AI: definition of lead time with citations and reference

Lead time is defined as the total amount of time taken from the beginning of a process until its completion. In the context of supply chain management and manufacturing, lead time usually refers to the period between placing an order and receiving the shipment or finished goods. This is important to businesses as it has a direct impact on their ability to manage inventory, meet customer demand, and navigate delays in the supply chain. There are several factors that can influence lead time, such as production time, shipping and transportation time, and any unforeseen delays. Companies must carefully manage their lead times to ensure that they can maintain a steady flow of products and meet customer expectations without holding excess inventory. Here are some references and citations that further explain the concept of lead time: 1. Chopra, S., & Meindl, P. (2016). Supply chain management: Strategy, planning, and operation. Upper Saddle River, NJ: Pearson Education Inc. (Chapter 1 explains lead time in general in the context of supply chain management) 2. Lai, K-h., & Cheng, T. C. E. (Eds.). (2009). Just-in-time logistics. Farnham, UK: Ashgate Publishing Limited. (This book discusses concepts such as lead time and just-in-time logistics in various chapters) 3. Vollmann, T., Berry, W., Whybark, D. C., & Jacobs, F. R. (2011). Manufacturing planning and control for supply chain management. New York, NY: McGraw-Hill Education. (This book discusses lead time from both a manufacturing and supply chain management perspective) 4. Simchi-Levi, D., Kaminsky, P., & Simchi-Levi, E. (2007). Designing and managing the supply chain: Concepts, strategies, and case studies. Boston, MA: McGraw-Hill Irwin. (Chapter 13 covers the concept and management of lead time in the context of supply chain risk management)