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The podcast episode introduces a humorous encounter where a student referred to the term 'waste snake' instead of 'white snake'. The term 'waste snake' relates to identifying waste in processes, stemming from Lean methodology. Waste encompasses activities that consume resources but add no value to the customer, including defects, overproduction, waiting, and more. The 'waste snake' concept metaphorically signifies tracking waste in a system for continuous elimination, similar to Lean tools like value stream mapping.