|Takt Time: The available production time divided by the rate of customer demand. For example, if customers demand 240 widgets per day and the factory operations 480 minutes per day, takt time is two minutes; if customers want two new products designed per month, takt time is two weeks. Takt time sets the pace of production to match the rate of customer demand and becomes the heartbeat of any lean system.
Total Productive Maintenance (TPM):A series of methods that ensures every piece of equipment in a production process is always able to perform its required tasks so that production is never interrupted.
Traditional Cost Accounting (TCA): An accounting technique that arbitrarily allocates overhead to the products or services an organization creates. It is unable to calculate the actual cost of a product or service. Compare to Activity based costing (ABC).
Theory of Constraints: A lean management philosophy that stresses removal of constraints to increase throughput while decreasing inventory and operating expenses.
Three M's: Muda, Mura, Muri.
Throughput: It is the rate at which the system generates 'money' through 'sales' as per the Theory of Constraints. It can simply be mentioned as Sales/time unit e.g. hr. day, week etc.
Throughput Time: The time required for a product to proceed from concept to launch, order to delivery, or raw materials into the hands of the customer. This includes both processing and queue time.
Time Study: An important method in industrial engineering for recording actual time taken on workplace for a process with details of steps involved in the process, with the help of a stopwatch and a record sheet.
Total Productive Maintenance (TPM): A series of methods, originally pioneered to ensure that every machine in a production process is always able to perform its required tasks so that production is never interrupted.
TQC: Total Quality Control.
Toyota Production System (TPS): It's a revolutionary production system developed by the Toyota Motor Company, where identifying and eliminating of waste in production is the basic. It has two pillars JIT & Jidoka.
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