OEE (Overall Equipment Effectiveness) is a well known manufacturing metrics, and there are a lot of resources that help explain OEE including our article on OEE. The issue with OEE is that it relies on "scheduled" time. This is time that the machine was scheduled to run a job. Many customers ask the machine operator to indicate when a job was started, and when it ends - however there are often gaps between when the first job ended and the next job started. These gaps should be measured in your performance calculations. That's where OOE (Overall Operations Effectiveness) comes in. OOE takes into account Availability, Performance, and Quality but also takes into account unscheduled time that occurs during normal working shifts.
In MachineMetrics, it's best if you have shifts that cover all time. However for the hours that you normally do not work, you should set those shifts as "optional". OOE ignores any time in these optional shifts giving you a more realistic gauge of performance during time that your machines could have been running - but weren't because there was no scheduled work.
TEEP (Total Effective Equipment Performance) is very similar to OOE, except that it also takes into account non-operator time such as off shifts and holidays. If you are attempting to maximize utilization of your machines, no matter what the time, then TEEP could be an interesting metric.
Based on our experience, OOE is the best overall performance metrics for manufacturers, and is calculated by MachineMetrics in real-time. For more information, please our blog post on What is the difference between OEE, OOE, and TEEP.