Construction Industry : In general, life cycle costs include both an initial investment and ongoing construction expenses.

Buildings with long lifespans and high costs are the end result of construction projects. As a result, all construction-related decisions are made with long-term and significant consequences in mind.

LCCs typically include an initial investment (typically construction costs) as well as ongoing expenses (regular payments such as energy, utilities, cleaning and maintenance, as well as irregular costs for renewal or replacement). Some life cycle costing techniques account for demolition costs as well.

Finding the most cost-effective product design solutions entails employing the life cycle costing methodology, which is frequently recommended. Life cycle costing is becoming a more popular method in the design stage of buildings in general.

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Life cycle assessment

Life cycle costing is a technique for estimating the cost of ownership. The procedure is ready to help with building investment project decision-making. Life cycle analysis is especially useful for estimating total project costs at an early stage.

Following extensive research, a report focusing on life cycle costing was published. As a result, the total costs incurred throughout the life of a building are referred to as life cycle costs (LCC).

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Carry out a life cycle costing.

LCC construction includes several critical factors:

• Conduct a structured cost study to identify the expense sources that have a significant impact on your overall costs.
• If the key funding sources are identified, the top areas for refinement in the baseline layout are likely to be identified.
• Compare the benefits and drawbacks of the various layout options to determine the best technique for the project.

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Construction Industry : Maximizing Value Strategies

• Repeat the Life Cycle Costing throughout the project. To ensure accuracy and high-quality analysis, LCC should be viewed as a continuous process. Estimates should be made frequently as the project progresses through its phases and kept up to date.
• Perform the Life Cycle Costing as soon as possible. The LCC is most effective in the early stages of a project, before major decisions are made.
• In order to make the best decisions for your project in terms of cost and carbon reduction, combine LCC and LCA (Life Cycle Assessment).
• Involve the entire team. Specifically, when developing alternatives to ensure that the project’s full potential is realised.

The Benefits of Life Cycle Costing

Long-term value: Even if initial costs are not significantly reduced, an LCC ensures that your task has the highest possible value. It provides a means of locating and resolving issues with the actual layout. Good durability, less maintenance, fewer hazards, lower operating costs, and even a longer building lifespan are all advantages of an LCC’s lifetime view.

Risk reduction and dependable planning: LCC is a fantastic tool for long-term planning. With a well-executed LCC, you can successfully avoid surprises and lower financial risks.

Green building certification points: LCC credits are a common component of green building certification programmes, and in some of these programmes, LCC is a required credit.

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Construction Industry : Life cycle costing disadvantages

• Life cycle costing analysis has become overly complex as new technologies have advanced.
• The operating costs will rise as the project progresses.
• Inadequate understanding of how to use LCC calculations to save money and increase profitability.
• Data limitations; insufficient and inaccurate data as a result of evolving technologies.

Applications

• Any capital investment choice in which comparatively higher initial costs are exchanged for lower future cost responsibilities can be subject to LCCA(Life Cycle Cost Analysis). It is especially well suited for evaluating design choices that meet a necessary level of building performance but may have different initial investment prices, operating, maintenance, and repair costs, as well as potentially varying lifetimes. Compared to other financial processes that evaluate initial or short-term functional expenses, LCCA significantly outperforms them in assessing a project’s long-term costs.
• LCCA can be performed at various levels of complexity. Its level of sophistication can range from a “back of the envelope” study to a comprehensive analysis with well-documented input data, supplemental economic evaluation measures, and detailed uncertainty assessments. The size of the effort should be adjusted based on the requirements of the project.

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