What is the primary goal of life cycle costing?

The primary goal of life cycle costing is to evaluate total costs over the lifespan of a building. This approach takes into account not just the initial costs associated with construction and acquisition but also the operational, maintenance, and eventual disposal costs throughout the entire life of the asset. By assessing all these costs, life cycle costing provides a more comprehensive understanding of the true financial implications of a project, allowing stakeholders to make informed decisions that could potentially save money and optimize performance over time. This holistic view supports effective budgeting and long-term planning, ensuring that the financial impact of a property is fully understood beyond its upfront price.