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Improving operational efficiency begins with measuring it. Since operational efficiency is about the output to input ratio, it must be measured on both the input and output side. Quite often, company management is measuring primarily on the input side, e.g., the unit production cost or the man hours required to produce one unit.
In statistics, efficiency is a measure of quality of an estimator, of an experimental design, [1] or of a hypothesis testing procedure. [2] Essentially, a more efficient estimator needs fewer input data or observations than a less efficient one to achieve the Cramér–Rao bound .
Simple example of a process control chart, tracking the etch (removal) rate of Silicon in an ICP Plasma Etcher at a microelectronics waferfab. [1] Time-series data shows the mean value and ±5% bars. A more sophisticated SPC chart may include "control limit" & "spec limit" % lines to indicate whether/what action should be taken.
Data envelopment analysis (DEA) is a nonparametric method in operations research and economics for the estimation of production frontiers. [1] DEA has been applied in a large range of fields including international banking, economic sustainability, police department operations, and logistical applications [2] [3] [4] Additionally, DEA has been used to assess the performance of natural language ...
The control chart was invented by Walter A. Shewhart working for Bell Labs in the 1920s. [8] The company's engineers had been seeking to improve the reliability of their telephony transmission systems. Because amplifiers and other equipment had to be buried underground, there was a stronger business need to reduce the frequency of failures and ...
Each entry in the table contains the frequency or count of the occurrences of values within a particular group or interval, and in this way, the table summarizes the distribution of values in the sample. This is an example of a univariate (=single variable) frequency table. The frequency of each response to a survey question is depicted.
New inflation data out Wednesday showed consumer prices rose as forecast in October, keeping the Federal Reserve on track to lower interest rates again in December.
The Loading Metric is a pure measurement of Schedule efficiency and is designed to exclude the effects how well that operation may perform. Calculation: Loading = Scheduled Time / Calendar Time. Example: A given Work Center is scheduled to run 5 Days per Week, 24 Hours per Day. For a given week, the Total Calendar Time is 7 Days at 24 Hours.