Lifecycle costing
An analysis method considering all costs associated with a project throughout its entire lifecycle.
Lifecycle costing evaluates the total cost of ownership by considering initial, operational, and disposal costs, supporting informed decision-making and value optimization. It is crucial for assessing long-term financial impacts, sustainability, and risk management. By providing a comprehensive view of costs, lifecycle costing enables stakeholders to prioritize investments, allocate resources effectively, and maximize return on investment, contributing to strategic planning and sustainable project delivery.
Used in a sentence
Lifecycle costing provided insight into long-term savings.
Synonyms/variation
Whole-Life Costing
Stay updated on what’s happening in construction.
Subscribe to Blueprint, Procore’s free construction newsletter, to get content from industry experts delivered straight to your inbox.
Learn MoreLearn more about Lifecycle costing
Capital Project Management: A Quick Guide for Construction Pros
With aging infrastructure and new technology needs, capital projects will remain a high priority for communities around the world in the coming years. Effectively managing capital construction projects is necessary to protect the financial investment in these large-scale developments — and to successfully deliver the infrastructure society needs. This article explores capital project management, focusing […]
Avoiding The App Trap: Overcome Financial Silos to Connect Field & Office
For general contractors working on razor-thin margins, rework and project delays are more than simple inefficiencies — they are major threats to the bottom line. For years, GCs have attempted to fix isolated operational issues with task-specific solutions. One tool for RFIs, a spreadsheet for cost forecasting, a separate app for timecard logging. Even when […]
How Leveraging Field Data Accelerates Public Sector Pay Apps & Invoice Processing
As the complexities of municipal projects increase, the inefficient legacy systems they rely on cannot provide the transparency, visibility or real-time data needed. This poses ungainly financial risk in the form of stalled payments. To address this failure, managers must employ digital solutions that accelerate and standardize the process. This allows them to course-correct toward […]
How GCs Can Achieve Better Accountability with Financial Analysis Software
Virtually every general contractor (GC) financially plans for a project before it gets underway. The trouble isn’t necessarily budgeting — it’s monitoring that budget from groundbreak on. Every project has a multitude of moving parts, all while different people report different information at different times. A GC might not really know how the build shook out […]
How can we improve this glossary entry?
By clicking this button, you agree to our Privacy Notice and Terms of Service.