Terotechnology

What Is Terotechnology?

Terotechnology is a practice that use management, engineering, and financial mastery to streamline establishment, operations, and upkeep of equipment. Terotechnology is gotten from the Greek root word "tero" or "I care," which is utilized with the term "innovation" to allude to the study of the costs associated with an asset all through its life cycle from acquisition to disposal. The objectives of this multidisciplinary approach are to reduce the various costs incurred at the different phases of an asset's life and to foster methods that will assist with broadening its life span. The discipline of terotechnology may likewise be known as "life-cycle costing."

Grasping Terotechnology

At the core of terotechnology is keeping assets kept up with at an optimal level to impeccably deal with the life-cycle costs of a physical asset. The discipline of terotechnology is basically worried about viability and dependability of physical assets. Terotechnology was developed during the 1970s in the United Kingdom. It very well might be applied to machines, equipment, plants, structures, and designs and incorporates the revenues and expenses of the organization that gets them.

The practice of terotechnology is a continuous cycle that covers the whole lifespan of an item. It begins with the design or selection of a given article and afterward proceeds to its establishment or construction, dispatching, operation, and upkeep. Terotechnology likewise accounts for the finish of an item's helpful life, like its decommissioning or retirement; destroying; or evacuation, sale, or disposal. Terotechnology then will begin the cycle in the future with the consideration of the item's replacement.

Illustration of Terotechnology

For instance, an oil company is endeavoring to outline the costs of an offshore oil platform. They would utilize terotechnology to forecast the specific costs associated with assembly, transportation, maintenance, and destroying of the platform lastly a calculation of salvage value.

The study and application of terotechnology is definitely not a careful science, as there are various factors that should be estimated and approximated. In any case, a company that doesn't utilize this sort of study might be more awful off than one that approaches an asset's life cycle in an all the more impromptu way.

Terotechnology in Practice

Terotechnology uses such financial analysis apparatuses, for example, net present value (NPV), internal rate of return (IRR), and discounted cash flow (DCF) trying to limit the costs associated with the asset later on. These costs can incorporate engineering, maintenance, wages payable to operate the equipment, operating costs, and even disposal costs. Choices connected with every one of these costs are taken in consideration with the twin objectives of improving the equipment's operations and costs associated with it.

Features

• Terotechnology is a practice that use management, engineering, and financial engineering to enhance establishment, operations, and upkeep of equipment.
• It envelops numerous parts of an article or equipment's lifecycle, from design to establishment to dispatching, operations, and upkeep.
• It was developed during the 1970s in the United Kingdom.