Sets out a process for life cycle costing of a product as a component of an economic evaluation. The Standard is intended for use by both customers (users) and suppliers of products. Following the proposed methodology will give a dollar value representing the life cycle cost of the product. Appendices propose hypothetical worked examples which reflect the use of the outlined analysis, a sample spreadsheet indicating typical costs that may occur over the life cycle phases, typical cost-generating activities and an elaboration of real cost, nominal cost and discounted cost.
