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Performance – the amount of product delivered Quality – the percentage of perfect or saleable product produced OLE allows manufacturers to make operational decisions by giving them the ability to analyze the cumulative effect of these three workforce factors on productive output, while considering the impact of both direct and indirect labor.
KPI information boards. A performance indicator or key performance indicator (KPI) is a type of performance measurement. [1] KPIs evaluate the success of an organization or of a particular activity (such as projects, programs, products and other initiatives) in which it engages. [2]
Academic articles that provide critical reviews of performance measurement in specific domains are also common—e.g. Ittner's observations on non-financial reporting by commercial organisations,; [10] Boris et al.'s observations about use of performance measurement in non-profit organisations, [11] or Bühler et al.'s (2016) analysis of how external turbulence could be reflected in ...
Measuring OEE is a manufacturing best practice. By measuring OEE and the underlying losses, important insights can be gained on how to systematically improve the manufacturing process. OEE is an effective metric for identifying losses, bench-marking progress, and improving the productivity of manufacturing equipment (i.e., eliminating waste).
Related techniques include product breakdown, systems analysis, systems engineering, value engineering, value analysis and functional analysis. [3] Product breakdown: Recursively divide the product into components and subcomponents. Systems engineering: Ensure that the product satisfies customer needs, cost requirements, and quality demands.
Days in inventory (also known as "Inventory Days of Supply", "Days Inventory Outstanding" or the "Inventory Period" [1]) is an efficiency ratio which measures the average number of days a company holds its inventory before selling it. The ratio measures the number of days funds are tied up in inventory.
Performance management is popular among public and private businesses. Some managers view key performance indicators (KPIs) as a way to increase the effectiveness of their management strategies. KPIs are predetermined, interrelated targets given to members of staff, to help them in achieving the broader objectives of the business. [12]
The weighted product model (WPM) is a popular multi-criteria decision analysis (MCDA) / multi-criteria decision making (MCDM) method. It is similar to the weighted sum model (WSM) in that it produces a simple score, but has the very important advantage of overcoming the issue of 'adding apples and pears' i.e. adding together quantities measured in different units.