Elucidate how does increased wait times waste money

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Reference no: EM1377194

Q. Everyone hates to wait to receive their service or product. From waiting in line at supermarket, to waiting for packages to arrive, customers simply don't like to wait. Today's fast paced society has become even less tolerable to delays than ever before. As a manager (of anything you choose) why is it important to eliminate/minimize wait times? Elucidate how does increased wait times waste money or cost you business? Elucidate how can you determine steps in your businesses process which are wasteful? Please give specific real world examples.

Reference no: EM1377194

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