Whole life costing (WLC) or life cycle costing (LCC ) is the methodology for systematic economic consideration of all costs and benefits accruing to the owner over a set period of analysis. A true WLC approach to a construction project would take into account the costs of planning, development and design, construction and implementation, operation over the life time of the building, and decommissioning costs.
WLC can be used at any stage of a construction project as a tool for assessing the relative costs and benefits of project alternatives – for internal investment decision making and business case development, for application by the design team at different design stages, or as an evaluation tool within competitive tendering procedures.
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