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Life-cycle cost analysis. 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 ...
Life-cycle assessment. Illustration of the general phases of a life cycle assessment, as described by ISO 14040. Life cycle assessment ( LCA ), also known as life cycle analysis, is a methodology for assessing environmental impacts associated with all the stages of the life cycle of a commercial product, process, or service.
t. e. Cost accounting is defined by the Institute of Management Accountants as "a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services in the aggregate and in detail. It includes methods for recognizing, allocating, aggregating and reporting such costs and comparing ...
Target costing. 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] A target cost is the maximum amount of ...
ISO 15686. ISO 15686 is the in development ISO standard dealing with service life planning. It is a decision process which addresses the development of the service life of a building component, building or other constructed work like a bridge or tunnel. Its approach is to ensure a proposed design life has a structured response in establishing ...
Life cycle thinking is an approach that emphasizes the assessment and minimization of environmental impacts at all stages of a product's life. This concept seeks to avoid shifting environmental burdens from one stage of the product's life to another. It also recognizes the importance of technological innovation in tackling environmental issues.
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 ...