Cost in life cycle costing

Christoph Scope

Chapter 26 in Elgar Encyclopedia of Life Cycle Sustainability Assessment, 2026, pp 86-88 from Edward Elgar Publishing

Abstract: Life cycle costs refer to all costs associated with a product, system, or organization over its entire life span. Life cycle costing (LCC) is a method used to assess these costs and evaluate the economic dimension of sustainability. LCC ideally considers the economic, not only the financial, impacts including costs and revenues. It allows for a comparison of alternatives based on specific performance criteria. LCC is also known by various names, including total cost of ownership, whole life costing, life cycle cost analysis, and through life costing. Similar terms, such as profitability, cost benefit analysis, and economic feasibility, are not identical but relate to the economic evaluation of projects. Standards, guidelines, and reviews have been published since the 1920s to establish a framework for LCC, with a distinction between conventional LCC and variants that incorporate environmental or societal external costs. These variants aim to harmonize with LCSA.

Keywords: Life cycle costs; Life cycle costing; Total cost of ownership; Whole life costing (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035309887
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