terotechnology

Definition

Multidisciplinary approach to obtaining maximum economic benefit from physical assets. Developed in the UK in the early 1970s, it involves systematic application of engineering, financial, and management expertise in the assessment of the lifecycle impact of an acquisition (buildings, equipment, machines, plants, structures) on the revenues and expenses of the acquiring organization. Practice of terotechnology is a continuous cycle that begins with the design and selection of the required item, follows through with its installation, commissioning, operation, and maintenance—until the item's removal and disposal—and then restarts with its replacement. From the Greek word 'terein,' to guard or to care for.