Glossary - T
Terotechnology
A combination of management, financial, engineering and other practices applied to physical assets in pursuit of economic life cycle costs. Terotechnology is concerned with the design and specification for reliability and maintainability of plant, machinery, equipment, buildings and engineering structures; with their installation, commissioning, maintenance, modification and replacement; and with feedback of information on design factors, performance and costs. Source: G1
Tort
The breach of a duty imposed by law but not a breach of contract, whereby a person acquires a right of action for damages such as negligence, nuisance, trespass, or defamation. Source: G1
Total Asset Management
In a system-wide context, the sum of all those activities leading to infrastructure appropriate to the cost effective delivery of government services, and having the following major strands:
- identification of need for the asset
- provision of the asset, including refurbishment
- operation of the asset, including its maintenance
- disposal and thus effective removal of the asset from an agency's portfolio. Source: N1
Total Asset Management Plans
Contains a number of key elements:
- total life cycle approach from assets needs identification to asset disposal
- comprehensive planning from long term strategic aspects through to short term operations and maintenance plans
- total aspect of asset management involving effectiveness, efficiency and economic viability of delivering the level of service required for the lowest possible cost. Source: G1