Life Cycle Costing

{
  "id": "MLC-T-ENV-015699",
  "term": "Life Cycle Costing",
  "field": "Environment",
  "definition": "1. Summing all the costs both recurring and nonrecurring, related to a product, structure, system, or service during its life span or specified time period.\n\n2. A term used to describe the assignment and analysis of product-specific costs within a life-cycle framework.\n\n3. The life cycle cost of a product or project includes discounted costs of operation, maintenance, contracting, and disposal/decommissioning in addition to initial acquisition cost.",
  "abbreviation": "LCC",
  "references": [
    "Adapted from DOE Office of Energy Efficiency & Renewable Energy Glossary of Energy-Related Terms",
    "EPA An Introduction to Environmental Accounting As a Business Management Tool: Key Concepts and Terms at http://nepis.epa.gov/Exe",
    "USDA National Agricultural Library Thesaurus"
  ],
  "url": "https://mlchart.com/terminology/environment/life-cycle-costing/"
}