As currently used, systems theory is lacking a universally agreed upon definition. The purpose of this paper is to offer a resolution by articulating a formal definition of systems theory. This definition is presented as a unified group of specific propositions which are brought together by way of an axiom set to form a system construct: systems theory. This construct affords systems practitioners and theoreticians with a prescriptive set of axioms by which a system must operate; conversely, any set of entities identified as a system may be characterized by this set of axioms. Given its multidisciplinary theoretical foundation and discipline-agnostic framework, systems theory, as it is presented here, is posited as a general approach to understanding system behavior.

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Key performance indicators (KPIs) are critical measures for determining the health of a manufacturing plant in relationship to the plant's goals. In today's competitive environment, manufacturers cannot be careless about their business; in fact, they must ensure that their KPIs are effective and use them to make improvements when necessary. This paper describes a method for suggesting improvements to a manufacturer's KPIs, based on the results achieved from a workshop to score the KPI on a number of predefined criteria. The approach uses a prospect theory approach to weight the scoring. Different problem formulations were derived that allow for both recommendations for improvements and the recommendations for disinvestments to over-performing KPIs. The authors applied the developed approach to two workshop outputs, each from independent manufacturers, and the results highlighted the significant difference between the two manufacturers in terms of improvement priorities and KPI assessment. The optimal improvement suggestions were compared to those found through a fast heuristic. It was determined that given the underlying assumptions of the approach that the heuristic solutions were just as adequate as the optimal ones.