Lean manufacturing is a systematic approach to identifying and eliminating waste through continuous improvement by optimizing workflow and minimizing inventory. The main principles are reducing wait times, inventories, and batch sizes while ensuring production is pulled by customer demand. Lean focuses on getting the right things to the right place at the right time through techniques like just-in-time production, continuous improvement, worker empowerment, process optimization, and waste elimination. The ultimate goals are to improve quality, reduce costs and lead times.