How is waiting time defined in the context of waste?

Waiting time is defined as the time spent waiting for materials, people, and resources to continue with a process or task. In the context of waste, this represents a significant element because it does not add value to the final product or service. Excessive waiting can lead to inefficiencies, lost productivity, and increased costs. Recognizing waiting as a form of waste helps organizations identify and eliminate bottlenecks in their operations, ultimately leading to improved efficiency and customer satisfaction.

The other options touch on aspects of waste but do not encapsulate waiting time as specifically or effectively. For example, excessive product storage time relates to inventory management rather than the act of waiting itself. Delay in receiving customer feedback pertains to the interaction process and not to waiting. Similarly, waiting for regulatory approvals, while a form of delay, is more specific to compliance issues rather than the broader context of waiting in operational processes. Thus, the definition in option C most accurately captures the essence of waiting time in relation to waste.