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Lean manufacturing methods have been widely used in industry for many decades. The lean concepts which have been adopted, largely have increased profit and reduced waste. Lean philosophy has been reviewed in academia by researchers, but only few major models have been developed. In these models, various factors have been discussed without finding a common ground or core. The focus of this paper is to review the lean models in use in academia as well as to identify the most important pillars based on which a new model may be constructed. It then reviews some novel approaches which might help higher education professionals to focus on value creation, continuous improvement, as well as efficiency. The underlying lean principles in industry in various sectors are adopted to complete a list of deliverables to be used in academia. For this purpose, the three bodies of Faculty, Students and Staff are considered, as well as the three areas of Teaching, Research, and Service. Lean philosophy in each body and area is also evaluated. The core theoretical elements of lean manufacturing are the three main goals, the two fundamentals, the five principles, and the eight wastes. The new educational model is based on four pillars which are adopted from the primary elements of the Lean World Class Manufacturing (LWCM) and lean Six Sigma framework. However, the model also incorporates the elements of the future-ready manufacturing business, and project management. The emphasis is on reducing waste in engineering departments, which is the main goal of the new model suggested. These elements are revisited from the perspective of higher education management, to offer new methods that faculty and administration bodies can deploy for a much higher efficiency, effectiveness, and productivity in academia. These are to ensure higher rates of retention and graduation, and general student success. These new methods can be incorporated in university trainings for faculty and staff and be frequently evaluated for successful outcomes. [ABSTRACT FROM AUTHOR]