Life Cycle Costing (LCC) is a financial analysis method that evaluates the total cost of ownership of a product or project over its entire life span. This includes initial purchase costs, maintenance, operation, and disposal expenses. By considering all these factors, LCC helps organizations make informed decisions that can lead to cost savings and improved efficiency. LCC is commonly used in various fields, including construction, manufacturing, and public sector projects. It allows decision-makers to compare different options and select the one that offers the best value over time, rather than just focusing on the lowest initial cost.