life cycle costing approach

Life cycle assessment lca is a method for evaluating the environmental load of processes and products during their life cycle from cradle to grave ortiz castells et al. Life cycle costing the initial design and selection of materials and components is fundamentally linked to the performance of the asset over its life cycle. The annual supplement to handbook 135 energy price indices and discount factors for life cycle cost analysis updated annually on april 1 provides the femp discount rates.
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In terms of life cycle costs whole life costs consider all those that are associated with the life of a building from inception to construction occupation and operation and disposal. Life cycle costing is also termed as whole life costing. Every time a component within a project is maintained and replaced it results in both a financial and an environmental cost.

It is a holistic approach that takes into account all the activities involved in the creation of a product such as raw material extraction manufacturing transportation and distribution use and disposal.

Life cycle costing approach. The concept is also known as life cycle cost lcc or lifetime cost and is commonly referred to as cradle to grave or womb to tomb costs. Whole life cost is the total cost of ownership over the life of an asset. 436 subpart a. When it comes down to it life cycle costing isn t an especially obscure concept because on some level everyone does it every time they make a purchase.

Life cycle cost analysis definition. Challenging the current approach to end of life of buildings using a life cycle assessment lca approach. Life cycle assessment designing buildings wiki share your construction industry knowledge. For instance in the case of a manufactured product environmental impacts are assessed from raw material extraction and processing cradle through the product s manufacture.

A life cycle assessment lca is the only method that evaluates the environmental impact of a product over its entire life cycle. It compares initial investment options and identifies the least cost alternatives for a twenty year period. Life cycle costing lcc is the process by which the owners of an asset compile all the costs that this asset will incur over the course of its lifetime. Costs considered include the financial cost which is relatively simple to calculate and also the environmental and social costs which are more difficult to quantify and assign.

It is a technique to determine the total cost of ownership. The approach is structured one which addresses all elements of cost. It attempts to identify the environmental effects during all stages of the life of a product and produces a figure or. Purpose life cycle costing lcc is an important economic analysis used in the selection of alternatives that impact both pending and future costs.

Nist handbook 135 life cycle costing for the federal energy management program explains and amplifies the lcc rules of 10 c f r. 1 8 life cycle costing. Life cycle assessment or lca also known as life cycle analysis is a methodology for assessing environmental impacts associated with all the stages of the life cycle of a commercial product process or service. Related articles on designing buildings wiki.