Glossary

POSC-Caesar Association is a non-profit global member organization targeting the development of open specifications to be used as standards for enabling the interoperability of data, software and related matters. The Association was responsible for the initiation of ISO 15926, Integration of life-cycle data for process plants including oil and gas production facilities

Possible reserves are oil and gas reserves which are considered likely to be significant. However, the technical and commercial probability of successful production has not been shown to be over 50%. When the over-50% target is achieved, reserves are classified as Probable Reserves.

Postponement involves delaying the final assembly, configuration, and/or packaging of a product.  The goal is to delay incurring this cost, and committing use of materials to a specific configuration to as late as possible in the production process.  This will generally be after an order has been received, and often just before a product ships to the customer.