SINGLE MINUTE EXCHANGE OF A DIE (SMED)
SMED is one a lean production method for reducing needed time and waste in a manufacturing process. With the help of SMED a company gets a rapid and efficient way to convert a manufacturing process from running the current product to running the next product. Thus it is possible to have a more flexible production (smaller production lots), as the production changeover needs less time. The phrase one minute has not to been taken by word, it only means that the needed time for each production change should stay below 10 minutes.