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The Seven Wastes, originating from Lean manufacturing principles, refer to the seven categories of inefficiencies that can hinder productivity and value creation in product design and production processes. These wastes include Overproduction, Waiting, Transport, Extra Processing, Inventory, Motion, and Defects, each representing a specific area where resources can be wasted. By identifying and minimizing these wastes, organizations can enhance efficiency, reduce costs, and improve overall product quality and customer satisfaction.