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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 ]
Performance: speed at which the Work Center runs as a percentage of its designed speed. Quality: Good Units produced as a percentage of the Total Units Started. It is commonly referred to as the first pass yield (FPY). To calculate the Total Effective Equipment Performance(TEEP), the OEE is multiplied by a fourth component:
The Criticality Index is often used to determine the degree on condition monitoring on a given machine taking into account the machines purpose, redundancy (i.e. if the machine fails, is there a standby machine which can take over), cost of repair, downtime impacts, health, safety and environment issues and a number of other key factors. The ...
There is a similar lean manufacturing KPI called overall equipment effectiveness (OEE). The major difference between OEE and MOE is that the OEE rating is on the machine and the MOE is on the person. [citation needed] MOE is a measure of operator performance only, regardless of the type of machine or the speed of the machine they are working on.
Test and learn is a set of practices followed by retailers, banks and other consumer-focused companies to test ideas in a small number of locations or customers to predict impact. The process is often designed to answer three questions about any tested program before rollout:
Performance measurement is the process of collecting, analyzing and/or reporting information regarding the performance of an individual, group, organization, system or component. [dubious – discuss] [1] Definitions of performance measurement tend to be predicated upon an assumption about why the performance is being measured. [2]
Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost.
Business intelligence (BI) consists of strategies, methodologies, and technologies used by enterprises for data analysis and management of business information. [1] Common functions of BI technologies include reporting, online analytical processing, analytics, dashboard development, data mining, process mining, complex event processing, business performance management, benchmarking, text ...