A furnace's operating efficiency is improved by simultaneously monitoring various furnace operating parameters such that the monitored values may be collectively examined and correlated to determine if the furnace is sub optimally operating. In particular, the electrode current, hydraulic valve spool position, hydraulic fluid pressure, and electrode mast position of an electrical arc furnace are simultaneously monitored and correlated to determine if any unidentified sub optimal operating conditions are present. By improving the chances of detecting and correcting sub optimal operating conditions, the present invention improves the electrode consumption and overall efficiency of a furnace's operation.