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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.
In fact, freely exchanging data across the supply chain would reduce lead time, complexity, and costs on several fronts.
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.
Instructors actively recruit students who would benefit from the experience, allowing for lead time to raise the funds required for travel.
The thing that used to kill me, when there were hot news events going on, especially campaigns, was the lead time.
In our business the lead time is very long and unless we have timed it right and judged our market correctly, it is a costly failure.

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