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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 ...
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 ...
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.
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 cost that can ...
The methodology is closely related to, and overlaps with, life-cycle assessment (LCA) to assess environmental impacts; and life cycle costing (LCC) to assess economic impacts. The product life cycle The product life cycle is formally defined by ISO 14040 as the "consecutive and interlinked stages of a product system, from raw material ...
Life cycle costing (LCC) Life cycle costing (or life cycle cost analysis) is the total cost analysis of a process or system. This includes costs incurred over the life of the system and is frequently used to find the most cost-effective means for providing goods and services.
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.