That is for the alaunch.exe file which is a process that is bundled with Acer laptops and provides additional diagnostic functions for your laptop. This program is a non-essential process, but should not be terminated unless suspected to be causing problems. It may be required for essential Acer applications that are still installed to work properly. You can disable it as a test to see if anything else needed it or not.
google any program you don't recognize on start up list. Lots of info and advices what to do with it available online. Hint: security programs should start with start up (anti-virus, anti-spyware, anti-ads etc) and wireless network assistants. Most anything else (sidebar, messengers, games, java) need not start with start up and can be unchecked and re-checked if needeed.
Each time you tweak msconfig, you need to re-start to see the changes.