What is the difference between Lean and Theory of Constraints (TOC)?

While, TOC focuses on constraints (the “weakest links” in the system), Lean thinking focuses on the notion of value. The objective of both continuous improvement methodologies is to increase profit. Lean is aimed at cost reduction by eliminating waste and steps that do not add value to the customer. TOC on the other hand attempts to move away from cost reduction by focussing on throughput improvement. Throughput is the rate at which the organization generates money through sales.