What are the benefits of life cycle costing?
Life cycle costing helps in understanding the total cost of ownership, including acquisition, operation, and disposal.
Can you give me an example of how it works?
Sure! For instance, when purchasing machinery, life cycle costing considers purchase price, maintenance, energy use, and resale value.
How does it help in decision-making?
It provides a comprehensive view of costs, enabling better budgeting and investment decisions over the asset's life.
Are there any industries that benefit the most from this approach?
Yes, industries like construction, manufacturing, and energy often use life cycle costing to optimize their investments.
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