Toyota Production System (TPS) is the philosophy organizing manufacturing and logistics at Toyota, including the interaction with suppliers and customers. TPS is known more generically as Lean manufacturing. It was largely created by three men: the founder of Toyota, Sakichi Toyoda, his son Kiichiro Toyoda, and the engineer Taiichi Ohno who drew heavily on the work of W. Edwards Demming and the writings of Henry Ford.
(Wikipedia)
Other Definitions
Toyota Production System (TPS) – A combination of techniques developed at the Toyota Motor Company that focus on setup, lead time and lot size reduction and systematic ways to improve quality. tracking signal- An accuracy measure that combines average forecast error with bias, as defined as the ration of the exponentially smoothed error and the exponentially smoothed mean absolute deviation. When the tracking signal exceeds a certain value, the forecast error may considered to be nonrandom and the forecast no longer usable. (Bridgefieldgroup.com Glossary)
