Final answer:
The inaccurate characteristic of a company's production operations that successfully implements just-in-time inventory systems and lean manufacturing is high levels of waste and inefficiency, as both systems aim to reduce waste and increase efficiency.
Step-by-step explanation:
The characteristic that is not accurate of a company's production operations, especially one that uses lean manufacturing principles and just-in-time inventory systems, is c) High levels of waste and inefficiency.
Just-in-time (JIT) inventory system and lean manufacturing both aim to reduce waste and improve efficiency within the production process. JIT systems minimize inventory costs by arranging for materials to arrive exactly when they are needed in the production process, thus avoiding the necessity of storing large amounts of inventory.
Lean manufacturing focuses on streamlining production and cutting out unnecessary steps, again reducing waste and improving efficiency. Continuous improvement practices demonstrate a company's commitment to constantly refining and improving operations, which contradicts the presence of high levels of waste and inefficiency.