TIME, in the world of Lean manufacturing and Six Sigma, is an acronym that stands for Time, Errors, Amount, and Money. Its main purpose is to define and calculate performance metrics in any one process. When the company is aware of those performance metrics, they are able to procure data that communicates value. That data then becomes a resource for process improvement, a key component in company-wide continuous improvement. The TIME Lean strategy is there to help employers and employees determine how well that process is performing and can be applied anywhere, not just manufacturing sites.
The components of TIME include:
Time – This aspect aims to measure how long a process will take. When measuring time, it should be looked into via the customer’s perspective. Some examples to apply this to are cycle time, wait time, processing time, setup time, etc.
Errors – This section measures the amount of errors that are present. Some questions that may be asked are, “How many mistakes were made?” or “How often is the customer happy with a product and how often are they dissatisfied?” Some measurable metrics are defects, rejects, yield, etc.
Amount – This section aims to measure the number of tasks completed in hours, days, weeks, or months. Some things that could be measured in this section would be paperwork, lines of code, phone calls, emails, weight, etc.
Money – This section focuses on the amount of money made, how much it takes to run the process with equipment and workers alike, and the price of material.
TIME as a Lean manufacturing tool works well anywhere for measuring performance quality while aiming to reduce each aspect of the acronym TIME for a more streamlined and efficient workplace.