Abstract Tremendous growth of the home information appliances requests semiconductor manufacturing to respond High Product Mix and Low Production Volume condition. Such condition in manufacturing operations challenges production management to have rapid improvement activities in an environment with uncertain productivity and demand. In this research Visualized Coefficient of Variation Analysis (VCVA) was applied to measure fluctuations in the flow of production material on a time-line basis. Based on this approach a monitoring tool was developed and implemented in a wafer manufacturing system and an assembling system to support production management in root cause analysis and productivity improvement. Results show the effectiveness of the method by visualizing TSUNAMI phenomena, as a typical case of Butterfly Effect in the material flow fluctuation, by identifying the root cause equipment as the source of productivity detractor, and by revealing significant relationship between material flow fluctuation and failure rate fluctuation.