Industry WIKI

A product's service life is its period of use in service. Several related terms describe more precisely a product's life, from the point of manufacture, storage, and distribution, and eventual use.

Whole-life cost is the total cost of ownership over the life of an asset. The concept is also known as life-cycle cost (LCC) or lifetime cost, and is commonly referred to as "cradle to grave" or "womb to tomb" costs. Costs considered include the financial cost which is relatively simple to calculate and also the environmental and social costs which are more difficult to quantify and assi