What is life cycle costing?
An example of an AI chatbot conversation about life cycle costing and its importance in decision-making.
What is life cycle costing?
Life cycle costing (LCC) is a method used to assess the total cost of ownership of an asset over its entire life span.
Why is life cycle costing important?
It's important because it helps organizations make informed financial decisions by considering all costs, not just initial expenses.
Can you give me an example of life cycle costing?
Sure! For instance, when purchasing a vehicle, LCC includes the purchase price, fuel, maintenance, insurance, and resale value.
How can I apply life cycle costing in my business?
You can apply LCC by evaluating all costs associated with your products or services, from acquisition to disposal, to optimize spending.
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