ABSTRACT
A product needs to move from a "technological-driven push" to a market-driven development to accommodate a "market pull" if it is to be successful. The customer who buys the product frequently decides how it is going to look, be operated, and used. This means the design phase is essential, with input from the end-users. Life cycle costing is a tool for decision-making when several alternatives are under consideration, whereas life cycle cost evaluates the cumulative cost of a product throughout its whole life cycle. Life cycle costing is an economic decision tool and is a continuation of what was earlier called cost benefit analysis, but it takes a more systematic approach. Maintenance and repair activities are undertaken to ensure that mechanical, electrical, and other systems are reliable and can perform without substantial interruptions, so companies and their services can operate continuously both on a routine basis and during and after disasters or crises.
