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Life cycle costing: Concept and practice

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  • Sherif, Yosef S
  • Kolarik, William J

Abstract

This paper traces the development of the life cycle costing (LCC) technique in the United States and classifies documented LCC literature by both model type and application. LCC was originally developed as a formal analysis tool by the US Department of Defense. It has now been successfully applied in the industrial and consumer segments. The scope and practice of LCC has been changing over the past few years. Literature in the field supports the idea that the LCC concept has evolved over the years to include facets of system effectiveness in addition to costs. It is also evident that LCC has developed more as a result of specific applications rather than hypothetical models. General system characteristics which contribute to the success of the LCC technique are also identified.

Suggested Citation

  • Sherif, Yosef S & Kolarik, William J, 1981. "Life cycle costing: Concept and practice," Omega, Elsevier, vol. 9(3), pages 287-296.
    • Handle: RePEc:eee:jomega:v:9:y:1981:i:3:p:287-296
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    Cited by:

    1. Haritha Saranga & U. Kumar, 2006. "“Optimization of aircraft maintenance/support infrastructure using genetic algorithms—level of repair analysis”," Annals of Operations Research, Springer, vol. 143(1), pages 91-106, March.
    2. Evan E. Anderson & Yu‐Min Chen, 1988. "A decision support system for the procurement of military equipment," Naval Research Logistics (NRL), John Wiley & Sons, vol. 35(4), pages 619-632, August.
    3. Dong-Jun Yeom & Eun-Ji Na & Mi-Young Lee & Yoo-Jun Kim & Young Suk Kim & Chung-Suk Cho, 2017. "Performance Evaluation and Life Cycle Cost Analysis Model of a Gondola-Type Exterior Wall Painting Robot," Sustainability, MDPI, vol. 9(10), pages 1-18, October.
    4. Santos, João & Flintsch, Gerardo & Ferreira, Adelino, 2017. "Environmental and economic assessment of pavement construction and management practices for enhancing pavement sustainability," Resources, Conservation & Recycling, Elsevier, vol. 116(C), pages 15-31.
    5. Zahir Barahmand & Marianne S. Eikeland, 2022. "Techno-Economic and Life Cycle Cost Analysis through the Lens of Uncertainty: A Scoping Review," Sustainability, MDPI, vol. 14(19), pages 1-22, September.
    6. Settanni, Ettore & Newnes, Linda B. & Thenent, Nils E. & Parry, Glenn & Goh, Yee Mey, 2014. "A through-life costing methodology for use in product–service-systems," International Journal of Production Economics, Elsevier, vol. 153(C), pages 161-177.
    7. Vivek Arulnathan & Mohammad Davoud Heidari & Maurice Doyon & Eric P. H. Li & Nathan Pelletier, 2022. "Economic Indicators for Life Cycle Sustainability Assessment: Going beyond Life Cycle Costing," Sustainability, MDPI, vol. 15(1), pages 1-27, December.
    8. Saccani, Nicola & Perona, Marco & Bacchetti, Andrea, 2017. "The total cost of ownership of durable consumer goods: A conceptual model and an empirical application," International Journal of Production Economics, Elsevier, vol. 183(PA), pages 1-13.
    9. Libey, Anna & Adank, Marieke & Thomas, Evan, 2020. "Who pays for water? Comparing life cycle costs of water services among several low, medium and high-income utilities," World Development, Elsevier, vol. 136(C).
    10. Maximilian Schutzbach & Steffen Kiemel & Robert Miehe & Ekrem Köse & Alexander Mages & Alexander Sauer, 2022. "Comparative Life Cycle Sustainability Assessment of Mono- vs. Bivalent Operation of a Crucible Melting Furnace," Sustainability, MDPI, vol. 14(14), pages 1-19, July.
    11. Anna Maria Ferrari & Lucrezia Volpi & Martina Pini & Cristina Siligardi & Fernando Enrique García-Muiña & Davide Settembre-Blundo, 2019. "Building a Sustainability Benchmarking Framework of Ceramic Tiles Based on Life Cycle Sustainability Assessment (LCSA)," Resources, MDPI, vol. 8(1), pages 1-30, January.
    12. Caraiman Adrian-Cosmin, 2022. "Economic And Financial Analysis During The Life Cycle Of Buildings In The Context Of Sustainable Development," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 4, pages 122-136, August.

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