Life Cycle Cost (LCC) refers to the total cost of owning and operating an asset over its entire lifespan. This includes initial purchase costs, maintenance expenses, operational costs, and disposal fees. By considering all these factors, LCC helps organizations make informed decisions about investments and resource allocation. Calculating LCC is essential for evaluating the long-term financial implications of projects, such as infrastructure development or equipment purchases. It allows businesses to compare different options and choose the most cost-effective solution, ultimately leading to better financial planning and sustainability.