Compares and contrasts the organizational routines and outcomes of businesses that are managed using practices grounded in batch‐and‐queue and lean production. The former is shown to be poor at providing senior management with timely and accurate information, thus obscuring or altering business realities, while the latter results in greater clarity and improved responsiveness to changing market conditions. It proposes that the primary work of the investment analyst should change to “muda analyst”, whose focus is the elimination of waste in business processes between internal and external stakeholders, while the traditional work of investment analysts is positioned as a secondary activity. Identifies different types of questions to ask senior management in order to assess the underlying business and leadership practices.
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