Modern supply chains simultaneously pursue the goals of high-quality, fast response, and low cost because customers nowadays want both high levels of quality and responsiveness. A key manufacturing philosophy that emphasizes waste elimination and minimizing inventories to expose problems is:

Just -in-Time(JIT)

Explanation:

Just in time is a lean manufacturing approach through which Organisation manage inventory in such a way that the supplies are received just at the time it is required, just-in-time is one of the key strategies adopted by Toyota in Japan in order to enhance its Efficiency and ensure that it doesn't take the cost of storing inventories in its operations.

A key manufacturing philosophy that emphasizes waste elimination and minimizing inventories to expose problems is Lean Manufacturing

Explanation:

Lean manufacturing is a methodology that focuses on minimizing waste within manufacturing systems while simultaneously maximizing productivity.

Lean is a methodology to reduce waste in a manufacturing system without sacrificing productivity. The customer defines what is of value in terms of what they would pay for the product or service. Through lean management, what adds value becomes clear by removing or reducing everything that doesn't add value.

It helps modern supply chains simultaneously pursue the goals of high-quality, fast response, and low cost by emphasizing waste elimination and minimizing inventories.