Definition of manufacturing lead time for the purpose of Procurement/ Purchasing and Supply planning.

[PPTP Group]

This is the total time required to manufacture an item, including
order preparation time, queue time, setup time, run time, move time,
inspection time, and put-away time. For make-to-order products, it is
the time taken from release of an order to production and shipment.
With respect to make-to-stock products, it is the time taken from
the release of an order to production and receipt into finished goods
inventory.