Definition
Life Cycle Cost (LCC) is a method for assessing costs incurred across every stage of a product, system or investment lifecycle, from planning and design to retirement.
Human Explanation
LCC includes costs at every stage of a solution’s life.
Why it Matters
It supports comparison of alternatives and more informed long-term decisions.
Conceptual Boundary
Its result depends on scope, data and assumptions and should not be the sole decision criterion.
Practical Perspective
Use it together with risk, cash-flow and strategic assessment.