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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 ...
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.
Service life planning is currently being launched (September 2008). The life cycle costing standard and the additional Standardized method of life cycle costing for construction (SMLCC) provide an in-depth guide to life cycle costing, an area of increasing importance.
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 ]
Simply stated, it is a systematic approach to managing cost throughout the life cycle of any enterprise, program, facility, project, product or service. This is accomplished through the application of cost engineering and cost management principles, proven methodologies and the latest technology in support of the management process. ...
Life cycle assessment (LCA) is sometimes referred to synonymously as life cycle analysis in the scholarly and agency report literatures. [7] [1] [8] Also, due to the general nature of an LCA study of examining the life cycle impacts from raw material extraction (cradle) through disposal (grave), it is sometimes referred to as "cradle-to-grave analysis".
Standard Costing is a technique of Cost Accounting to compare the actual costs with standard costs (that are pre-defined) with the help of Variance Analysis. It is used to understand the variations of product costs in manufacturing. [6] Standard costing allocates fixed costs incurred in an accounting period to the goods produced during that period.
Life cycle engineering is defined in the CIRP Encyclopedia of Production Engineering as: "the engineering activities which include the application of technological and scientific principles to manufacturing products with the goal of protecting the environment, conserving resources, encouraging economic progress, keeping in mind social concerns, and the need for sustainability, while optimizing ...