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Greek tero/trein; I care/watch over, take care of It is applied on production & service processes. Terotechnology combines management, financial, engineering and other practices applied to processes/physical assets in pursuit of economic life cycle costs.

It provides a holistic view of the impact of maintenance on the manufacturing process and to perform never-ending improvement cost effectively. It can be applied on different types of production processes and service provision, such as chemical processes, manufacturing, power plants, water treatment plants, transport, banks, etc.

Terotechnology is a branch of applied science for measuring the operational values of physical assets. It is concerned with activities such as the installation, maintenance and replacement of those assets.

The practice of obtaining over their lifetime the use of physical assets at their lowest total cost to the business entity through a combination of management, financial engineering and other disciplines.

Maintenance in Terotechnology covers maintenance management, man-machinemaintenance-economy interfaces, reliability and risk management, data management and databases optimization, condition monitoring, condition-based maintenance and its impact on companys business

A terotechnician looks at tangible assets of a company or business such as buildings, equipment and vehicles and measure how these items will provide a net value for certain years until they need to be replaced.

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Main objectives of its application are: Improve and maintain the quality of the elements involved in a process Improve and maintain processs technical & economic effectiveness Continuous & cost-effective improvement of companys profitability and competitiveness.

Part of terotechnology is called life-cycle costing which includes attention to depreciation and other monetary parameters. Companies use these parameters to understand how ownership and use of a piece of equipment or other physical asset during that period of time will affect their bottom line.

There are primarily three types of costs: 1) Acquisition Cost 2) Operating Cost 3) Disposal Cost

Major part of terotechnology is in understanding the role of maintenance and the value of a warranty. Many larger pieces of equipment and other physical assets come with warranties offered by the manufacturer or vendor. In terotechnology, the way in which these warranties provide value relative to projected costs is examined.

Terotechnology utilizes what is called a bath-tub curve, which is used to indicate the failure rate for equipment or machines.

Terotechnology represents a differentiation between all of the physical assets that a business owns and other assets that are intangible and not associated with operating costs. The science of evaluating physical equipment is a way to manage the inevitable and necessary ownership of functional property.

Terotechnology is a holistic approach on operational asset management with key emphasis on financial aspect of efficient maintenance. It is the bread-and-butter of cost optimization of overhead expenses.

Systemekonomi by Basim Al Najjar, Ph.D. http://www.wisegeek.com/what-isterotechnology.htm