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This study proposes a novel method to improve the accuracy of overall equipment effectiveness (OEE) estimation in the metallurgical industry. This is achieved by modeling the frequency and severity of stoppage events as random variables.

An analysis of 80,000 datasets from a metal-mechanical firm (2020–2022) was performed using the loss distribution approach (LDA) and Monte Carlo simulation (MCS). The data were further adjusted with a product price index to account for inflation.

The variance analysis revealed supporting colleagues (59.8% of variance contribution), food breaks (29.8%) and refreshments (9.0%) as the events with the strongest influence on operating losses.

This study provides a more rigorous approach to operational risk management and OEE measurement in the metal-mechanical sector. The developed algorithm supports the establishment of risk management guidelines and facilitates targeted OEE improvement efforts.

This research introduces a novel OEE estimation method specifically for the metallurgical industry, utilizing LDA and MCS to improve accuracy compared to existing techniques.

This paper aims to study the influence of innovation on micro, small and medium-sized enterprises (MSME) performance in Colombia through the 403 MSMES survey analysis. In particular, this paper measures the effect of participation in R&D alliances, product innovation and process innovation on it.

MSME performance is measured through a composite index, estimated through principal components analysis using polychoric correlations, which is based on eight self-reported assessments of MSME performance. Then, this measure of performance is related to MSME participation in R&D alliances and the product and process development stance of the MSME based on an adaptation of the Miles and Snow business classification scheme, by means of an ANOVA and a linear regression.

Colombian SMEs are not significantly benefitted from participation on R&D alliances. Instead, their performance appears to be dependent upon their internal innovation efforts directed to product development. Moreover, the results suggest that imitators get a performance almost as high as innovators.

Innovation activities in Colombian SMEs are carried out informally, as they are mostly uninterested to engage in R&D activities and to develop new products by own initiative. Moreover, few of them have an R&D department. In regard to technology, results suggest that almost half of SMEs are classified as followers, namely, they use the same technology as competitors.