Whole-Life Cost

(redirected from Life Cycle Costs)

Whole-Life Cost

The total amount a company spends on an asset over its entire usable life. Examples of whole-life costs include planning, research, purchase price, and maintenance. Companies estimate the whole-life cost prior to purchasing a new asset to determine whether or not it will be cost effective. It is also called the life cycle cost.
References in periodicals archive ?
For water and wastewater systems, the life cycle costs for pipes encompass the total ownership costs (marginal costs plus capital costs): the costs of operating them, the costs of maintaining them, and the risk of failure costs over their economic lifespans through to their replacement.
With an outstanding mechanical resistance it provides superior hose life compared with standard nitrile and brings performances, food safety compliance and low life cycle costs together.
Therefore, the users of this technology analysed the life cycle costs of the data processing systems in order to better evaluate the effective overall costs before taking investment decisions.
Categories: March 3, 2011, Best practices, Comparative analysis, Cost analysis, Defense economic analysis, Documentation, Facility maintenance, Future budget projections, Life cycle costs, Maintenance costs, Military engineering, Military forces, Military vessels, Naval bases, Naval facilities, Naval Station Mayport, Florida, Shipyards, Strategic planning
I would like to comment on the importance of tracking metrics associated with two aspects of total life cycle costs of an acquisition system: (1) MCTR (Mean Cost to Repair)--total cost to implement all corrective and routine maintenance actions over a specified number of missions/total number of corrective and routine maintenance actions during specified number of missions; and (2) MCTO (Mean Cost to Operate)--total cost to operate system during a specified number of missions/total number of missions
In particular, he focuses on the economics, life cycle costs and cost-benefits of structural health monitoring activities.
The result is said to be a safer and cleaner environment for employees offering the lowest life cycle costs compared to all other competitive technologies and products, according to the company.
The key here is to recognize that while up to 80% of life cycle costs are determined at the design or specification stage, most of those costs are actually spent during the operation and maintenance of the equipment.
At the outset of an FMS case, Navy FMS customers are actively involved in an initial in-country site survey when hundreds of critical maintenance strategy decisions are made that have a profound effect on future life cycle costs.
GE Transportation's Mining division announced today the successful upgrade of more than 40 haul trucks since July for various mines to lower life cycle costs and improve availability and productivity of assets during the current economic downturn.
Tenders are invited for Considering Life Cycle Costs in Airport Asset Procurement.
Categories: Government Operations, Budget updates, Census, Cost accounting, Cost analysis, Cost control, Cost overruns, Cost-based budgeting, Data collection, Data integrity, Documentation, Future budget projections, Human capital, Information management, Life cycle costs, Risk assessment, Skilled labor, Strategic planning, 2010 Decennial Census
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