When you get right down to it, efficient manufacturing is all about part velocity. Simply stated, part velocity is the time required to process a part from start to finish. As velocity increases, so do billable finished goods. This differs from traditional accounting methods in which work centers are measured individually and rolled up to create a value-added cost per part. Those who invested in new, faster equipment and automation have learned that increasing speed and expanding production hours do not guarantee increased part velocity. They have discovered latency on their shop floor.
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