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Life-cycle cost analysis (LCCA) is an economic analysis tool to determine the most cost-effective option to purchase, run, sustain or dispose of an object or process. The method is popular in helping managers determine economic sustainability by figuring out the life cycle of a product or process.
Whole-life cost is the total cost of ownership over the life of an asset. [1] [clarification needed] The concept is also known as life-cycle cost (LCC) or lifetime cost, [2] and is commonly referred to as "cradle to grave" or "womb to tomb" costs. Costs considered include the financial cost which is relatively simple to calculate and also the ...
The BSI explains that "the UK building industry recognizes that life cycle costing (LCC) is necessary and important, but confusion exists about the best method to realise the economic and environmental benefits of such costing".
Life-cycle assessment (LCA or life cycle analysis) is a technique used to assess potential environmental impacts of a product at different stages of its life. This technique takes a "cradle-to-grave" or a "cradle-to-cradle" approach and looks at environmental impacts that occur throughout the lifetime of a product from raw material extraction, manufacturing and processing, distribution, use ...
Triple bottom line (TBL or 3BL) is an accounting framework widely adopted by large organizations since its introduction in 1994 by John Elkington. [9] Organizations can use it to evaluate their performance in a broader perspective to create greater business value [10] or to make decisions on where to allocate resources for the highest organizational return for all key stakeholders.
Target costing is an approach to determine a product's life-cycle cost which should be sufficient to develop specified functionality and quality, while ensuring its desired profit. It involves setting a target cost by subtracting a desired profit margin from a competitive market price. [ 1 ]
For two years the body of three-year-old Abiyah Yasharahyalah lay underground in the back garden of a terraced house in Birmingham. The little boy was buried by his parents, who believed he would ...
For a complex engineering system containing thousands of assemblies, sub-assemblies, components, organized into several levels of indenture and with a number of possible repair decisions, LORA seeks to determine an optimal provision of repair and maintenance facilities to minimize overall system life-cycle costs.