Glossary

What AASB 116 is: the Australian accounting standard for property, plant and equipment, covering how such assets are recognised, measured and depreciated. General information, not advice.

What AASB 16 is: the Australian accounting standard for leases, recognising a right-of-use asset and a lease liability, and how the asset depreciates while the liability unwinds. General information, not advice.

What a CMMS is in plain English: a computerised maintenance management system that tracks assets, work orders and preventive maintenance, and how Cohiva Control extends it with native depreciation.

What criticality analysis means: ranking assets by the consequence and likelihood of failure so maintenance effort goes where it matters most, and how it relates to RCM and Cohiva Control.

What FMEA means: failure modes and effects analysis, a structured way to anticipate how an asset or process can fail, what each failure would cause, and how to prioritise the risks.

What MRO means: maintenance, repair and operations, the spare parts, consumables and supplies a maintenance team holds to keep assets running, and how Cohiva Control's parts and inventory supports it.

What MTBF means: mean time between failures, a reliability measure of how long an asset runs before it fails, how it is calculated, and how it differs from MTTR.

What MTTR means: mean time to repair, a measure of how long it takes to restore an asset after a failure, how it is calculated, and how it differs from MTBF.

What net book value means: the cost of an asset less its accumulated depreciation, how it changes over an asset's life, and how Cohiva Control tracks it accurately to the cent.

What OEE means: overall equipment effectiveness, a measure that combines availability, performance and quality into a single percentage, and what each factor captures.

What the P-F curve means: the interval between the point a failure first becomes detectable (P) and the point of functional failure (F), and how condition monitoring and inspections use that interval.

What preventive maintenance means: planned, scheduled maintenance carried out to reduce the chance of failure, how it differs from reactive maintenance, and how Cohiva Control schedules it on time or meter intervals.

What reliability-centred maintenance (RCM) means: a structured method for choosing the right maintenance strategy per asset based on how it can fail and the consequences, and how it relates to FMEA, criticality and Cohiva Control.

What residual value means: the estimated value of an asset at the end of its useful life, how it shapes the depreciable amount, and how Cohiva Control uses it as a book-value floor.

What total productive maintenance (TPM) means: an approach that involves operators in caring for their own equipment to maximise uptime, its pillars, and how it relates to OEE and Cohiva Control.

What useful life means: the period over which an asset is expected to be available for use, how it drives depreciation schedules, and how Cohiva Control uses it across its methods. General information, not advice.

What a work order is: a record of maintenance work to be carried out on an asset, the lifecycle it moves through, and how Cohiva Control enforces that lifecycle with a server-enforced state machine.