Takt Time - Takt is derived from a German word Taktzeit, meaning clock interval, pulse or beat. It is the concept that all activity within a business is synchronized by a beat, set by the customer demand. In other words, it is the production rate at which one unit should be produced or serviced in order to meet the customer demand
Takt Time is calculated as Total Available Time divided by the Customer Demand
E.g. Customer demand is 16 products in a day. Assuming the working window is 8 hours, the Takt Time = 8/16 = 0.5 hours = 30 minutes. This implies that in order to meet the customer demand of 16 products a day, one unit should be produced every 30 minutes
An application oriented question on the topic along with responses can be seen below. The best answer was provided by Vivek Dahake on 17th September 2017.