All Glossary Terms
Life Cycle Costing (LCC)
Maintenance definition:
An analysis method used to assess the total cost of ownership of a project, product, or system over its entire life cycle, including initial acquisition, operation, maintenance, and disposal costs. LCC is used to make informed decisions on purchasing, maintaining, and replacing assets, ensuring that long-term costs are minimized and value is maximized over the asset's lifespan.
