Lifecycle Cost

The total cost of an asset throughout its life including planning, design, construction, acquisition, operation, maintenance, rehabilitation and disposal costs.

IIMM

The term Lifecycle Cost refers to the total cost of ownership over the life of an asset including; planning, design, construction/acquisition, operation, maintenance, renewal, finance and disposal costs.

LGAM

The total cost of an asset throughout its life including planning, design, acquisition, operations, rehabilitation and disposal costs.

DERM

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Related concepts

Asset

A physical component of a facility which has value,enables services to be provided and has an economic life of greater than 12 months. Dynamic assets have some moving parts, while passive assets have none. IIMM

An asset is an object (physical or intangible) that has an identifiable value and a useful life greater than 12 months, that is or could be used by the entity responsible for it to provide a service. LGAM

Asset - An item with an independent physical and functional identity and age, within a facility (e.g. pump, motor, sedimentation tank, main). Asset - Service potential or future economic benefits controlled by entity as a result of past transactions or other past events. DERM

Asset has Lifecycle Cost
Lifecycle Cost Analysis is performed on Asset

Acquisition Cost

Cost incurred as part of acquisition of an asset

Lifecycle Cost has Acquisition Cost

Construction Cost

Cost incurred as part of construction of an asset.

Lifecycle Cost has Construction Cost

Design Cost

Cost incurred as part of design of an asset

Lifecycle Cost has Design Cost

Disposal Cost

Cost incurred as part of disposal of an asset.

Lifecycle Cost has Disposal Cost

Maintenance Cost

Cost incurred as part of maintenance of an asset.

Lifecycle Cost has Maintenance Cost

Operation Cost

Cost incurred as part of operation of an asset.

The active process of utilising an asset which will consume resources such as manpower, energy, chemicals and materials. Operation costs are part of the lifecycle costs of an asset.

IIMM

Lifecycle Cost has Operation Cost

Planning Cost

Cost incurred as part of planning of an asset.

Lifecycle Cost has Planning Cost

Rehabilitation Cost

Cost incurred as part of rehabilitation of an asset.

Lifecycle Cost has Rehabilitation Cost

Lifecycle Cost Analysis

Any technique which allows assessment of a given solution, or choice from among alternative solutions, on the basis of all relevant economic consequences over the service life of the asset.

IIMM

Lifecycle Cost Analysis is a method of assessing which asset option, will be the most economical over an extended period of time.

LGAM

Lifecycle Cost Analysis determines Lifecycle Cost
Lifecycle Cost Analysis is performed on Asset

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