Return on Net Assets (RONA) – Profits generated expressed as a
percentage of the net value of physical assets that produced profit.
Risk – Positive or negative effect of uncertainty on objectives
Stakeholder - A person or organization that can affect, be affected by,
or perceive themselves to be affected by a decision or activity
Strategic Asset Management Plan – documented information that
specifies how organizational objectives are to be converted into asset
management objectives, the approach for developing asset
management plans, and the role of the asset management system in
supporting achievement of the asset management objectives
Strategy - An action plan that sets the direction for the coordinated
use of resources through programs, projects, policies, and procedures,
as well as organizational design and the establishment of performance
standards.
Total Effective Equipment Performance (TEEP) – is the measure of
equipment or asset performance based on actual utilization time,
availability, performance efficiency and quality of product or output
over all the hours in the period.
Values – Principles that guides an organization's internal conduct as
well as its relationship with the external world
Vision – The achievable dream of what an organization or a person
wants to do and where it wants to go.
Vision Statement – An overarching statement of the way an
organization wants to be, an ideal state of being at a future point.
Manufacturing Process Reliability
5s – Derived from the Japanese words seiri, seiton, seiso, seiketsu, and
Shitsuke; focused on the workplace and successful habits that
contribute to equipment condition
Autonomous Maintenance – Routine maintenance, PM, and PdM
carried out by operators, with or without help from maintenance
tradespersons, who are often part of the same team as operators
Configuration Management – Configuration management is a systems
engineering process for establishing and maintaining consistency of a
product's performance, functional, and physical attributes with its
requirements, design, and operational information throughout its life.
Continuous Improvement (CI) – s an ongoing effort to improve
products, services, or processes. These efforts can seek "incremental"
improvement over time or "breakthrough" improvement all at once.
Define Measure Analyze Improve Control (DMAIC) – refers to a data-
driven improvement cycle used for improving, optimizing and
stabilizing business processes and designs
Kaizen – Refers to activities that continually improve all functions and
involve all employees from the CEO to the assembly line workers.
Latent – present and capable of emerging or developing but not now
visible, obvious, active
Lean Manufacturing – Is a term that describes a philosophy of
optimizing time, resources and effort in order to be more efficient and
improve the quality of the product.
Overall Equipment Effectiveness (OEE) – Is a measure combining the
availability, production rate, and quality rate of an asset
