Objectivity

The quality of being objective involves forming judgments or conclusions based solely on observable phenomena and data rather than on personal feelings, opinions, or bias.
See also: Impartiality, Evidence-based Decision Making

Objective

An objective is a specific, measurable, and time-bound goal that an individual or organization aims to achieve. Objectives serve as benchmarks for performance and guide strategic planning and execution.
See also: Goal Setting, Key Performance Indicators (KPIs)

OC curve (Operating Characteristic Curve)

An OC curve is a graph used in acceptance sampling that displays the probability of accepting a batch or lot versus the proportion of defective items it contains. It helps evaluate the risk of accepting a poor-quality lot and the effectiveness of a sampling plan.
See also: Acceptance Sampling, Quality Control Charts

OEE (Overall Equipment Effectiveness)

Overall Equipment Effectiveness (OEE) is a metric that evaluates manufacturing efficiency by combining three performance factors: availability, performance, and quality. It quantifies the percentage of production time that is truly productive.
See also: Productivity Metrics, Lean Manufacturing

OEM (Original Equipment Manufacturer)

An OEM is a company that designs and manufactures components or products that are marketed by another firm. OEMs supply essential parts that are integrated into final products and play a critical role in the supply chain.
See also: Supply Chain Management, Aftermarket Parts

OH&S (Occupational Health & Safety)

Occupational Health & Safety (OH&S) refers to the policies, procedures, and practices implemented to ensure the health, safety, and wellbeing of employees in the workplace. It focuses on preventing accidents and managing workplace hazards.
See also: Workplace Safety, Risk Management

One-piece flow

One-piece flow is a lean manufacturing strategy in which items move continuously through production processes one unit at a time rather than in batches. This method minimizes work-in-process inventory, reduces lead time, and facilitates quick defect detection.
See also: Continuous Flow, Just-In-Time (JIT) Production

One-way ANOVA

One-way ANOVA (Analysis of Variance) is a statistical test used to determine whether there are any statistically significant differences between the means of three or more independent groups based on a single factor.
See also: Hypothesis Testing, Statistical Inference

Operating characteristic (OC) curve

An operating characteristic (OC) curve is used in acceptance sampling to illustrate the probability of accepting a lot based on the proportion of defective items present. It provides insight into the performance and risk profile of a sampling plan.
See also: Acceptance Sampling, Quality Control Charts

Operating expenses

Operating expenses are the recurring costs associated with the day-to-day functioning of a business, such as rent, utilities, salaries, and administrative expenses. They are distinct from capital expenditures and are key to assessing profitability.
See also: Expense Management, Profit and Loss Analysis

Operational definition

An operational definition provides a clear and measurable description of a variable or concept by specifying the exact procedures used to observe or measure it. This clarity ensures consistency and reproducibility in research and operational processes.
See also: Variable Measurement, Research Methods

Operational availability

Operational availability measures the actual time that equipment or a system is available for use during scheduled operating periods. It accounts for both uptime and downtime, reflecting the system’s real-world performance.
See also: System Uptime, Maintenance Effectiveness

Opportunity cost

Opportunity cost represents the potential value of the next best alternative foregone when a particular decision is made. It is a fundamental concept in decision-making that helps evaluate the true cost of choices.
See also: Cost-Benefit Analysis, Resource Allocation

Organizational culture

Organizational culture encompasses the shared values, beliefs, norms, and practices that influence how employees interact and work within an organization. It plays a critical role in shaping behavior, decision-making, and corporate performance.
See also: Corporate Values, Change Management

Organizational excellence

Organizational excellence is achieved when a company consistently outperforms its competitors by aligning strategies, optimizing processes, and fostering a culture of innovation and continuous improvement. This results in superior performance and long-term success.
See also: Total Quality Management, Best Practices

Organizational structure

Organizational structure defines how tasks, responsibilities, and authority are distributed within a company. It outlines the hierarchy, departmental roles, and reporting relationships, directly impacting operational efficiency and decision-making.
See also: Organizational Design, Management Structures

Outcome

An outcome is the result or consequence of a process, decision, or activity. In business and research, outcomes are measured to determine the effectiveness of strategies and interventions relative to the initial goals.
See also: Results Assessment, Performance Metrics

Outlier

An outlier is a data point that significantly deviates from other observations in a dataset. Its presence can indicate variability, measurement error, or novel phenomena, and it can have a substantial impact on statistical analysis.
See also: Data Analysis, Statistical Anomalies

Overall equipment effectiveness (OEE)

Overall equipment effectiveness (OEE) is a key performance indicator in manufacturing that assesses how effectively production equipment is utilized. It is calculated by combining availability, performance, and quality measures to reflect the percentage of productive manufacturing time.
See also: Productivity Metrics, Lean Manufacturing

Over-processing

Over-processing is a form of waste that occurs when more work, higher quality, or additional steps are applied to a product or process than the customer requires. This unnecessary effort increases costs without adding value.
See also: Lean Waste, Process Simplification

Overproduction

Overproduction refers to the creation of more products than are required to meet current demand. This surplus can lead to increased inventory costs, waste, and obsolescence, making it a critical inefficiency in production systems.
See also: Just-In-Time Production, Inventory Management