Lean construction is an approach that adapts lean manufacturing principles to construction projects. It aims to minimize costs and maximize value for customers. Lean construction identifies and eliminates waste at every stage of design and construction. The key principles include identifying value from the customer's perspective, defining the project workflow, eliminating sources of waste like defects and waiting, ensuring smooth information flow, pull-based scheduling, and driving continuous improvement. By applying these lean principles, construction projects can be completed on time, on budget, and with the expected value for customers.