waste

That which customers would be unwilling to pay for (such as warehouse space for storing excess inventory). Also, that which your own company is unwilling to pay for (such as a department established to rework production errors). In production manufacturing, the seven categories of waste include transportation, inventory, movement, waiting, overproduction, over processing, and defects.

The concept of waste is inadequate for most commercial applications, because it is not a primary concept. Waste is a derivative concept: It is genetically dependent on the primary concept of value – that which one acts to gain and or keep.