Lifecycle costing
An analysis method considering all costs associated with a project throughout its entire lifecycle.
Lifecycle costing evaluates the total cost of ownership by considering initial, operational, and disposal costs, supporting informed decision-making and value optimization. It is crucial for assessing long-term financial impacts, sustainability, and risk management. By providing a comprehensive view of costs, lifecycle costing enables stakeholders to prioritize investments, allocate resources effectively, and maximize return on investment, contributing to strategic planning and sustainable project delivery.
Used in a sentence
Lifecycle costing provided insight into long-term savings.
Synonyms/variation
Whole-Life Costing
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