This part of IEC 60300 provides a general introduction to the concept of life cycle cost analysis. Although the life cycle costs consist of many contributing elements, this standard particularly highlights the costs associated with dependability of the product. It is intended for general application by both customers (users) and suppliers of products. It explains the purpose and value of life cycle cost analysis and outlines the general approaches involved. It also identifies typical life cycle cost elements to facilitate project and programme planning. General guidance for conducting a life cycle cost analysis, including life cycle cost model development together with examples, is provided.

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