Toyota Production System UK US noun [S] (ABBREVIATION TPS) PRODUCTION, MANAGEMENT
► a system for manufacturing, developed by Toyota® in Japan, based on lean manufacturing (= avoiding waste) and just-in-time production (= where parts are delivered exactly when needed): »
Taiichi Ohno, the father of the Toyota Production System, was inspired by the modern grocery store in the 1960s.
Financial and business terms. 2012.