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Definitions from the Web

Life Cycle Costing

Description:

Life Cycle Costing refers to a financial evaluation method that considers the entire life span of a product or asset. It involves analyzing costs associated with its acquisition, operation, maintenance, and disposal over its entire life cycle. By taking into account all relevant expenses, Life Cycle Costing helps organizations make informed decisions regarding the most cost-effective options for their investments.

Usage:

As a Noun:

Life Cycle Costing is widely used in construction projects to assess the long-term financial viability of various building materials and systems.

Example Sentence: The project manager conducted a thorough life cycle costing analysis to determine the most cost-effective option for the company's new office building.

As a Verb:

Companies often employ specialized software to effectively calculate and compare life cycle costs of different product designs.

Example Sentence: The engineering team carefully life cycle-costed the various prototypes before finalizing the design for the new smartphone model.

Related Products:

For a deeper understanding of Life Cycle Costing, you may find the following products useful:

• Books on Life Cycle Costing
• Life Cycle Costing Software
• Life Cycle Costing Tools