Whole-Life Cost

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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 ?
firms, will provide strategic and technical procurement assistance to help the DOTr establish transparent and high quality procurement practices, including the use of life-cycle cost analysis, to contribute to the sustainable development of the countrys aviation infrastructure.
The tool that integrates system models with a genetic algorithm optimization solver minimizes the life-cycle cost by finding the design variables such as chilled-water and condenser piping diameters, chilled- and condenser water temperature differences, and chilled-water supply temperature.
This generates overall life-cycle cost savings and a lower carbon footprint compared to alternative materials that require more pumping energy over time due to corrosion, leaks and internal degradation.
Most people can see the value of evaluating a contractor on the life-cycle cost (LCC) of their solution instead of just the initial purchase price.
The American Galvanizers Association relaunched the Life-Cycle Cost Calculator (LCCC) at lccc.galvanizeit.org while releasing a new publication, "Costs Less, Lasts Longer." The former tool automates the calculation from ASTM A1068, Standard Practice for Life-Cycle Cost Analysis of Corrosion Protection Systems on Iron and Steel Products, using cost data from a paint manufacturer survey.
The analyses focused on payback and life-cycle cost comparisons, considering minimum and maximum values to establish ranges for key param-eters that affect economic performance (Table 1).
Life-Cycle Cost and Commissioning Requirements for Federal Buildings Gain Support in the U.S.
A life-cycle cost management program identifies a common set of ground rules and assumptions for life-cycle cost estimation; ensures that best-practice methods, tools, and models are used for life-cycle cost analysis; tracks the estimated life-cycle cost throughout the project; and, most importantly, integrates life-cycle cost considerations into the design and development process.
The consulting firm will be required to provide the following: The Hydrology of the "Bowmanston Caves"; The possible sources of soil colloids intrusion and recommendations to prevent/reduce these intrusions; Technical Review of the Three (3) Best Methods of Resolution; Desk Level life-cycle cost, economic and Environmental Analysis of the Three (3) Best Methods of Resolution; Conceptual Designs, Specifications and Implementation Plan for each method.
Recommendation: To improve the Navy's life-cycle cost estimate for the planned homeporting of a nuclear-powered aircraft carrier at Naval Station Mayport, Florida, and to incorporate to a greater extent the best practices identified by GAO for developing a high-quality cost estimate in future revisions of its Mayport nuclear carrier homeporting cost estimate as part of the annual budgetary process or in response to future congressional requests, the Secretary of Defense should direct the Secretary of the Navy to (1) include all potential recurring costs, and (2) clearly describe the ground rules and assumptions underlying the estimation of each cost element to improve the comprehensiveness of its cost estimate.
Monte Carlo simulation is used as a means to estimate the expected life-cycle cost associated with a given maintenance schedule [11].
The life-cycle cost calculation it is possible to complete before initiation of production process, along life cycle or at the end of product life cycle.