Overall Equipment Effectiveness (OEE) is a lean metric to assess the actual performance of a production line compared to its maximum potential. It is represented in percentage terms.
OEE = Quality x Productivity x Availability.
Quality considers the good parts, Productivity considers the rate of production and Availability considers stoppage time.
An application-oriented question on the topic along with responses can be seen below. The best answer was provided by Sudhir Gayakwad and Raj Saxena
Applause for all the respondents - Sudhir Gayakwad, VS Rahul, Alpesh Gorasia, Ramanan, Ram Kumar Chaudhary, Premkumar T, Ibukun Onifade, Raj Saxena
Also review the answer provided by Mr Venugopal R, Benchmark Six Sigma's in-house expert.