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What are the benefits of life cycle costing?

An example of an AI chatbot conversation about the benefits of life cycle costing.

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You

What are the benefits of life cycle costing?

MagicBuddy
MagicBuddy

Life cycle costing helps in understanding the total cost of ownership, including acquisition, operation, and disposal.

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You

Can you give me an example of how it works?

MagicBuddy
MagicBuddy

Sure! For instance, when purchasing machinery, life cycle costing considers purchase price, maintenance, energy use, and resale value.

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You

How does it help in decision-making?

MagicBuddy
MagicBuddy

It provides a comprehensive view of costs, enabling better budgeting and investment decisions over the asset's life.

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You

Are there any industries that benefit the most from this approach?

MagicBuddy
MagicBuddy

Yes, industries like construction, manufacturing, and energy often use life cycle costing to optimize their investments.

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