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What is a lead time?

What is a lead time? Here are some definitions.

Noun
  1. (idiomatic) The amount of time between the initiation of some process and its completion, e.g. the time required to manufacture or procure a product; the time required before something can be provided or delivered.
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Examples
Those months in the production lead time must be absorbed each year, and without purchasing additional steel, there is no surge capability.
If the boards are sourced in Asia the lead time can rise to as much as 10 days.
We are expecting a large contract to begin soon which involves the supply of expensive equipment with a lead time of about six months.
They are products with a long lead time so, if you pick a poor scheme, it could be many years before the full damage becomes apparent.
Finally, as always, the more lead time the better the content and the lower the price.
The thing that used to kill me, when there were hot news events going on, especially campaigns, was the lead time.

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