SMED
Single Minute Exchange of Die (SMED) is one of the many lean production methods for reducing waste in a manufacturing process. It provides a rapid and efficient way of converting a manufacturing process from running the current product to running the next product. This rapid changeover is key to reducing production lot sizes and thereby improving flow (Mura (Japanese term)) The phrase "single minute" does not mean that all changeovers and startups should take only one minute, but that they should take less than 10 minutes (in other words, "single digit minute").
OTED
Closely associated is a yet more challenging concept of One-Touch Exchange of Die, (OTED), which says changeovers can and should take less than 100 seconds.
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