Final answer:
Kaizen is a term for continuous improvement in the business process, emphasizing small, incremental changes rather than radical innovation. It differs from 'Just-in-time' production but can complement it.
Step-by-step explanation:
Kaizen is a Japanese term that stands for continuous improvement. It is a business philosophy that involves making small incremental improvements to a business process, system, or product over time. Kaizen can be contrasted with innovation, which refers to making significant changes, either incrementally or radically, in order to improve a product, system, or process. Whereas innovation might involve a complete overhaul or the introduction of a new system, Kaizen is about ongoing, incremental change. It emphasizes efficiency, quality, and the elimination of waste, and often involves all employees in the improvement process. The key is that improvements are made continuously, not in one off bursts of change.
Kaizen is sometimes confused with related concepts such as 'Just-in-time' (JIT) production, which is focused on reducing times within the production system as well as response times from suppliers and to customers. However, JIT is a separate concept that can be complementary to Kaizen practices. Kaizen's incremental changes can lead to significant improvements over time without the potential disruptions associated with large-scale innovation.