Inspection
Work Planning
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The total cost of acquiring, owning, operating, maintaining and disposing of an asset throughout its entire life.
Life Cycle Cost (LCC) is the total cost incurred over the complete life of an asset, including planning, design, procurement, construction, operation, maintenance, modification and disposal. It is used to evaluate long-term financial performance by considering both capital expenditure (CAPEX) and operating expenditure (OPEX), enabling more informed investment and asset management decisions.
Life Cycle Cost supports decisions that optimize total asset ownership costs rather than minimizing initial purchase cost alone.
Life Cycle Cost analysis compares alternative designs, maintenance strategies or replacement options by evaluating their total cost over the expected asset life rather than considering initial capital cost alone.
Life Cycle Cost measures the total cost of owning an asset throughout its life, whereas Life Cycle Management focuses on planning and managing the asset throughout that lifecycle.
Asset Management; Financial Management; Reliability Engineering.
Asset-intensive industries.; Capital projects.; Maintenance planning.; Infrastructure.; Utilities.
ISO 15686-5
VisualAIM connects glossary concepts to the asset records, inspection histories, and workflows they describe.
