Abandonment is an end of life process where a reserve that has become uneconomical is shut down. This includes elimination of the extraction capability that removes the oil or gas from the field, attention to environmental and clean-up requirements, and disposition of the residual property and/or resource.
Activity Based Costing (ABC)
This is a costing method that identifies (or approximates) the cost of each activity of the organization and how the cost of a given resource contributes to each product and service as a direct consumed cost. This enables companies to identify non value-add costs, the profitability for each product and service, and the areas for process improvements.
A motor for inducing movement in a mechanism or system, usually operated by either electric current, hydraulic pressure or pneumatic pressure.
The difference between a product’s final selling price and the costs involved in making the particular product. For a business to survive, the added value of a product or service must be more than the cost. Examples of the expertise which allows companies to make a profit in this way include innovative design, new production processes, efficient ordering and delivery processes, using new technologies or materials, or supplying complementary services.
Advanced Metering Infrastructure (AMI)
A integrated network of devices that allow two-way automated communication between a utility smart meter (located at the customer site) and a utility company. Information allows both provider and customer access to real-time data about how much power is being used and at what time of the day. The system also communicates pricing and energy information from the utility company to the consumer.
Advanced Planning and Scheduling (APS)
In manufacturing environments that are subject to fluctuations of demand and supply the APS modules enable companies to better tune their production and distribution facilities to better meet the demands of customers.
Advanced Planning System
Also referred to as Advanced Planning Engines, Advanced Planning Systems are a new generation of planning and scheduling tools, which unlike MRP II, includes constraint models that deal with both materials and capacity. These technologies can be applied along a continuum extending from short-term plant-floor scheduling to strategic planning of supply chains.
Advanced Product Quality Planning
A structured method of defining and establishing the steps necessary to ensure that a product satisfies the customer. By moving quality efforts into planning and prevention, this multistage process identifies and anticipates potential problem areas.
The market for parts used to repair or enhance purchased goods. For example, accessories such as windscreen wipers or exhaust pipes for cars.
Tools, techniques, and initiatives that enable a plant or company to thrive under conditions of unpredictable change. Agile manufacturing not only enables a plant to achieve rapid response to customer needs, but also includes the ability to quickly reconfigure operations — and strategic alliances — to respond rapidly to unforeseen shifts in the marketplace. In broad terms, it includes the ability to react quickly to technical or environmental surprises.
Airborne Warning and Control Aircraft (AWAC)
An AWAC system is an airborne radar system designed to detect aircraft. Used at a high altitude, the radars allow the operators to distinguish between friendly and hostile aircraft hundreds of miles away.
Aircraft on Ground (AOG)
AOG is a term in aviation maintenance indicating that a problem is serious enough to prevent an aircraft from flying.
Airworthiness – Airworthiness is a word used to dictate whether an aircraft is worthy of safe flight. It is illegal to fly an aircraft without an airworthiness certificate from the responsible government agency.
Analog signal – Any form of data transmission where the pneumatic, mechanical, or electrical energy signal varies continuously in direct proportion to the intensity of the physical quantity, property, or condition represented. This is typical of process Industries like Oil/Gas, Pharma, Food and Chem.
Analytics – The use of data warehousing, data mining and online analytical processing to rapidly analyze large volumes of data, complex data or data sourced from multiple types of systems â€“ including both structured and unstructured data. Data analytics is used to organize data and identify meaningful insights, trends, patterns and information, and it is particularly useful for complex queries and identifying relationships between data, such as retail sales by store and by customer as well as customer buying patterns by category.
Application-Specific Integrated Circuit (ASIC) – An application-specific integrated circuit (ASIC) is an integrated circuit (IC) customized for a particular use, rather than intended for general-purpose use. For example, a chip designed solely to run a cell phone is an ASIC. Source: Wikipedia
Application-Specific Standard Products (ASSPs) – This refers to an integrated circuit that performs a specific function that appeals to a wide market.
ASEAN – Association of Southeast Asian Nations
Assemble to Order (ATO) – Assemble to order is a production method that occurs when an item is assembled after receipt of a customer’s order. The key items used in the assembly or finishing process are planned and usually stocked in anticipation of a customer order. Receipt of an order initiates assembly of the customized product.
Asset Turnover – A measure of how efficiently assets are used to produce sales. The ratio shows how many dollars of sales were generated by each dollar of assets. Calculate by dividing net sales by average total assets.
Automation – (1) The conversion to and implementation of procedures, processes, or equipment by automated means.
(2) The entire field of investigation, design, development, application, and methods to render or make manual processes or operations partially or fully automatic.