Definition
The definition of LCC as quoted from AS/NZS 4536:1999 (Australian/New Zealand Standard 1999) is
a process to determine the sum of all expenses associated with a product or project, including acquisition, installation, operation, maintenance, refurbishment, discarding and disposal costs.
Life cycle costing (LCC) is a concept for estimating the total cost or total ownership cost (TOC) which includes acquisition costs (total capital cost, i.e., land acquisition costs and construction costs), ownership costs (all future costs, viz., installation costs, operation costs, repair costs, service and maintenance costs, and disposal costs), as well as other cost components.
The acquisition costs are often visible as they relate to purchasing assets such as equipment, which include the investment for the raw material cost and up until the equipment is manufactured and has left the factory. The acquisition cost...
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References
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Kara, S. (2014). Life Cycle Cost. In: Laperrière, L., Reinhart, G. (eds) CIRP Encyclopedia of Production Engineering. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-20617-7_6608
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