Life cycle costing: Concept and practice

This paper traces the development of the life cycle costing (LCC) technique in the United States and classifies documented LCC literature by both model type and application. LCC was originally developed as a formal analysis tool by the US Department of Defense. It has now been successfully applied in the industrial and consumer segments. The scope and practice of LCC has been changing over the past few years. Literature in the field supports the idea that the LCC concept has evolved over the years to include facets of system effectiveness in addition to costs. It is also evident that LCC has developed more as a result of specific applications rather than hypothetical models. General system characteristics which contribute to the success of the LCC technique are also identified.

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