Definition
Last Responsible Moment (LRM) is the principle that emphasizes holding on taking important actions and crucial decisions for as long as possible. This is done, so as to not eliminate important alternatives till the last possible moment. It is a philosophy in which the cost of the delay of a decision overall surpasses the benefit of the delay. It is also a measure that can be used to prevent over planning that is costly and unresponsive to future conditions.
Further Reading
- “Eliminating Waste in Business: Run Lean, Boost Profitability”(book), by Linda M. Orr