The Overall Equipment Effectiveness (OEE) formula is a powerful tool used to measure the performance of production systems. It is a metric that takes into account the availability, performance, and quality of a production system, and combines them into a single number that can be used to measure and track the efficiency of a system. The OEE formula is calculated by multiplying the Availability, Performance, and Quality of a system together. Availability is the percentage of time that a system is available for production, Performance is the speed at which a system is running compared to its maximum capacity, and Quality is the percentage of products that meet quality standards. By tracking the OEE formula, companies can identify areas of improvement in their production systems and make adjustments to increase efficiency. The OEE formula is an invaluable tool for businesses that are looking to improve their production systems and increase their overall efficiency.