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Byproducts
A by-product or byproduct is a secondary product derived from a production process, manufacturing process or chemical reaction; it is not the primary product or service being produced. A by-product can be useful and marketable or it can be considered waste: for example, bran, which is a byproduct of the milling of wheat into refined flour, is sometimes composted or burned for disposal, but in other cases, it can be used as a nutritious ingredient in human food or animal feed. Gasoline was once a byproduct of oil refining that later became a desirable commodity as motor fuel. The plastic used in plastic shopping bags also started as a by-product of oil refining. In economics In the context of production, a by-product is the "output from a joint production process that is minor in quantity and/or net realizable value (NRV) when compared with the main products". Because they are deemed to have no influence on reported financial results, by-products do not receive allocations of jo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
By-product Synergy
A by-product or byproduct is a secondary product derived from a production process, manufacturing process or chemical reaction; it is not the primary product or service being produced. A by-product can be useful and marketable or it can be considered waste: for example, bran, which is a byproduct of the milling of wheat into refined flour, is sometimes composted or burned for disposal, but in other cases, it can be used as a nutritious ingredient in human food or animal feed. Gasoline was once a byproduct of oil refining that later became a desirable commodity as motor fuel. The plastic used in plastic shopping bags also started as a by-product of oil refining. In economics In the context of production, a by-product is the "output from a joint production process that is minor in quantity and/or net realizable value (NRV) when compared with the main products". Because they are deemed to have no influence on reported financial results, by-products do not receive allocations of jo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Manufacturing
Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector of the economy. The term may refer to a range of human activity, from handicraft to high-tech, but it is most commonly applied to industrial design, in which raw materials from the primary sector are transformed into finished goods on a large scale. Such goods may be sold to other manufacturers for the production of other more complex products (such as aircraft, household appliances, furniture, sports equipment or automobiles), or distributed via the tertiary industry to end users and consumers (usually through wholesalers, who in turn sell to retailers, who then sell them to individual customers). Manufacturing engineering is the field of engineering that designs and optimizes the manufacturing process, or the steps through which raw materials are transformed into a final p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Net Realizable Value
Net realizable value (NRV) is a measure of a fixed or current asset's worth when held in inventory, in the field of accounting. NRV is part of the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) that apply to valuing inventory, so as to not overstate or understate the value of inventory goods. Net realizable value is generally equal to the selling price of the inventory goods less the selling costs (completion and disposal). Therefore, it is expected sales price less selling costs (e.g. repair and disposal costs). NRV prevents overstating or understating of an assets value. NRV is the price cap when using the Lower of Cost or Market Rule. Under IFRS, companies need to record the cost of their Ending Inventory at the lower of cost and NRV, to ensure that their inventory and income statement are not overstated (under ASPE, companies record the lower of cost and market value). For example, under IFRS, at a company's year end, if ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Side Reaction
A side reaction is a chemical reaction that occurs at the same time as the actual main reaction, but to a lesser extent. It leads to the formation of by-product, so that the yield of main product is reduced: : + B ->[] P1 : + C ->[] P2 P1 is the main product if k1> k2. The by-product P2 is generally undesirable and must be Separation process, separated from the actual main product (usually in a Industrial separation processes, costly process). In organic synthesis B and C from the above equations usually represent different compounds. However, they could also just be different positions in the same molecule. A side reaction is also referred to as competing reaction when different compounds (B, C) compete for another reactant (A). If the side reaction occurs about as often as the main reaction, it is spoken of parallel reactions (especially in the kinetics, see below). Also there may be more complicated relationships: Compound A could reversibly but quickly react to substan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Circular Economy
A circular economy (also referred to as circularity and CE) is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible. CE aims to tackle global challenges as climate change, biodiversity loss, waste, and pollution by emphasizing the design-based implementation of the three base principles of the model. The three principles required for the transformation to a circular economy are: eliminating waste and pollution, circulating products and materials, and the regeneration of nature. CE is defined in contradistinction to the traditional linear economy. The idea and concepts of circular economy (CE) have been studied extensively in academia, business, and government over the past ten years. CE has been gaining popularity since it helps to minimize emissions and consumption of raw materials, open up new market prospects and principally, increase the sustainability of co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Main Product
A main product is a joint output that generates a significant portion of the net realizable value (NRV) within a joint production process. The classification of a product resulting from a joint production process as either a main product or a by-product has relevance in the context of cost management Cost accounting is defined as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, classifying, al ... because costs are only allocated to main products, not to by-products.Wouters, Mark; Selto, Frank H.; Hilton, Ronald W.; Maher, Michael W. (2012): ''Cost Management: Strategies for Business Decisions'', International Edition, McGraw-Hill, p. 538. References {{reflist Product ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conservation Of Mass
In physics and chemistry, the law of conservation of mass or principle of mass conservation states that for any system closed to all transfers of matter and energy, the mass of the system must remain constant over time, as the system's mass cannot change, so quantity can neither be added nor be removed. Therefore, the quantity of mass is conserved over time. The law implies that mass can neither be created nor destroyed, although it may be rearranged in space, or the entities associated with it may be changed in form. For example, in chemical reactions, the mass of the chemical components before the reaction is equal to the mass of the components after the reaction. Thus, during any chemical reaction and low-energy thermodynamic processes in an isolated system, the total mass of the reactants, or starting materials, must be equal to the mass of the products. The concept of mass conservation is widely used in many fields such as chemistry, mechanics, and fluid dynamics. Historic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reagents
In chemistry, a reagent ( ) or analytical reagent is a substance or compound added to a system to cause a chemical reaction, or test if one occurs. The terms ''reactant'' and ''reagent'' are often used interchangeably, but reactant specifies a substance ''consumed'' in the course of a chemical reaction. ''Solvents'', though involved in the reaction mechanism, are usually not called reactants. Similarly, ''catalysts'' are not consumed by the reaction, so they are not reactants. In biochemistry, especially in connection with enzyme-catalyzed reactions, the reactants are commonly called substrates. Definitions Organic chemistry In organic chemistry, the term "reagent" denotes a chemical ingredient (a compound or mixture, typically of inorganic or small organic molecules) introduced to cause the desired transformation of an organic substance. Examples include the Collins reagent, Fenton's reagent, and Grignard reagents. Analytical chemistry In analytical chemistry, a reagent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Waste Products
Waste (or wastes) are unwanted or unusable materials. Waste is any substance discarded after primary use, or is worthless, defective and of no use. A by-product, by contrast is a joint product of relatively minor economic value. A waste product may become a by-product, joint product or resource through an invention that raises a waste product's value above zero. Examples include municipal solid waste (household trash/refuse), hazardous waste, wastewater (such as sewage, which contains bodily wastes (feces and urine) and surface runoff), radioactive waste, and others. Definitions What constitutes waste depends on the eye of the beholder; one person's waste can be a resource for another person. Though waste is a physical object, its generation is a physical and psychological process. The definitions used by various agencies are as below. United Nations Environment Program According to the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Life-cycle Assessment
Life cycle assessment or LCA (also known as life cycle analysis) is a methodology for assessing environmental impacts associated with all the stages of the Product lifecycle, life cycle of a commercial product, Process lifecycle, process, or service. For instance, in the case of a manufactured product, Environmental issues, environmental impacts are assessed from raw material extraction and processing (cradle), through the product's manufacture, distribution and use, to the recycling or final disposal of the materials composing it (grave). An LCA study involves a thorough inventory of the energy and Material, materials that are required across the industry value chain of the product, process or service, and calculates the corresponding emissions to the environment. LCA thus assesses cumulative potential environmental impacts. The aim is to document and improve the overall environmental profile of the product. Widely recognized procedures for conducting LCAs are included in th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Energy Agency
The International Energy Agency (IEA) is a Paris-based autonomous intergovernmental organisation, established in 1974, that provides policy recommendations, analysis and data on the entire global energy sector, with a recent focus on curbing carbon emissions and reaching global climate targets, including the Paris Agreement. The 31 member countries and 11 association countries of the IEA represent 75% of global energy demand. The IEA was set up under the framework of the Organisation for Economic Co-operation and Development (OECD) in the aftermath of the 1973 oil crisis to respond to physical disruptions in global oil supplies, provide data and statistics about the global oil market and energy sector, promote energy savings and conservation, and establish international technical collaboration on innovation and research. Since its founding, the IEA has also coordinated use of the oil reserves that its members are required to hold. In subsequent decades, the IEA's role expanded t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Trade Organization
The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. With effective cooperation in the United Nations System, governments use the organization to establish, revise, and enforce the rules that govern international trade. It officially commenced operations on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, thus replacing the General Agreement on Tariffs and Trade (GATT) that had been established in 1948. The WTO is the world's largest international economic organization, with 164 member states representing over 98% of global trade and global GDP. The WTO facilitates trade in goods, services and intellectual property among participating countries by providing a framework for negotiating trade agreements, which usually aim to reduce or eliminate tariffs, quotas, and other restrictions; these agreements are signed by representatives of member governmentsUnderstanding the WTO' Handbook at WTO officia ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
