Life Cycle Cost
Life Cycle Cost (LCC, or also known as whole life cost), refers to the total cost of ownership over the life of an asset.
LCC is often used for option evaluation when procuring new assets and for decision-making to minimize whole-life costs throughout the life of an asset. It is also applied to comparisons of actual costs for similar asset types and as feedback into future design and acquisition decisions. It is also extremely useful in maintenance consideration, or capital projects dealing with equipment upgrades.