Final answer:
The management philosophy described is known as Lean, which emphasizes the elimination of waste and adding value to products and services.
Step-by-step explanation:
A management philosophy where any activity or process that does not add value to the product or service is a waste and therefore should be eliminated is known as Lean. Lean management focuses on streamlining operations, reducing waste, and improving efficiency. The main idea is to create more value for customers with fewer resources. Among the given options, Six Sigma is also related to process improvement, but it principally targets reducing variability and defects. Total Quality Management (TQM) involves continuous improvement in all aspects of the organization, and Continuous Quality Improvement (CQI) is a subset of TQM that focuses on iterative improvements.