Definitions for "Life cycle costing"
The maintenance of physical asset records over the entire asset life, so that decisions concerning the acquisition, use or disposal of the asset can be made in a way that achieves the optimum assets usage at the lowest possible cost to the business. The term may be applied to the profiling of cost over a product's life, including the pre-production stage and to company and industry life cycles.
An economic assessment of an item, system, or facility and competing design alternatives considering all significant costs of ownership over the economic life, expressed in terms of equivalent dollars.
The concept of including acquisition, operating and disposal costs when evaluating various alternatives. Also known as the total cost of ownership. (PMI)