lifecycle cost

Lifecycle cost refers to the total expense of owning and maintaining a product or asset from start to finish. It includes the initial purchase or construction cost, as well as ongoing costs such as maintenance, operation, repairs, and eventual disposal or replacement. Considering lifecycle cost helps individuals or organizations make informed decisions by evaluating the true long-term financial impact, rather than just focusing on the upfront price. This approach ensures value and efficiency over the entire lifespan of the asset.