First Time Yield (FTY)

A measure of the % of non-defective units successfully output the first time through a process. Subtracting the result from 1.0 (or 100%) will yield the potential waste (defects) in the process that can be eliminated. It is ideally a measurement of the capability at the sub-process level contributing to Rolled Throughput Yield (RTY).
Related StatStuff Video: 
   -Section 2-Lean, Lesson #10 - FTY and RTY