Final answer:
Overall equipment effectiveness is maximized by focusing on productivity. Productivity measures how efficiently resources are used to produce outputs, as shown by the hypothetical comparison of Canadian and U.S. workers making loaves of bread.
Step-by-step explanation:
When considering overall equipment effectiveness, avoiding minor work stoppages and retaining properly trained operators to run and maintain machines is key to maximizing the productivity rate. Productivity pertains to how efficiently and effectively a nation, company, or worker uses their time and resources to produce goods or services. The concept of productivity is closely related to labor productivity, which is the value each employed person creates per unit of their input.
Avoiding minor work stoppages and retaining properly trained operators improves productivity, which is the key to maximizing the rate of overall equipment effectiveness.
When considering overall equipment effectiveness, avoiding minor work stoppages and retaining properly trained operators to run and maintain machines is the key to maximizing the rate. This is because it improves productivity. More specifically, productivity refers to the value that each employed person creates per unit of their input. In this case, it means how efficiently a nation utilizes its time and workers.
For example, let's imagine a Canadian worker who can produce 10 loaves of bread in an hour compared to a U.S. worker who can only make two loaves in the same timeframe. In this scenario, the Canadian is more productive, illustrating that increased productivity means being able to accomplish more within a given period, thereby allowing resources to be allocated elsewhere and potentially leading to economic growth.