Weight and target value-based algorithm for predicting Overall Equipment Effectiveness

For industrial companies, accurate short and medium-term production planning is crucial for resource allocation and maximum utilization of manufacturing capacities. If the efficiency of the production units is predicted reliably, the company can operate more economically due to predictability. Automotive companies usually monitor their efficiency and productivity using the Overall Equipment Effectiveness (OEE) as a standard Key Performance Indicator. This article presents a new approach in which the OEE value is predicted using different weights, target values and historical time data. The aim of this article is to determine the weight combination that allows for the most accurate prediction for three types of welding technologies. Firstly, a literature review demonstrates scientific relevance. Secondly, the proposed algorithm is described. In the third section, the prediction algorithm is presented through a case study. Several different weight combinations are applied and then compared using the Root Mean Square Error indicator. Last section concludes the paper. The presented algorithm can be easily and quickly applied in many cases of industrial environment.