Life-cycle costing is the name given to ________.
A) a method of cost planning to reduce manufacturing costs to targeted levels
B) the process of examining each component of a product to determine whether its cost can be reduced
C) the process of managing all costs along the value chain
D) a system that focuses on reducing costs during the manufacturing cycle

Question

Quizplus · Accepted Answer

Life-cycle costing is a process of managing all costs along the value chain, which includes all stages of a product's life, from development and production to disposal. It involves considering not only the manufacturing costs but also the costs of maintenance, repair, and disposal, as well as the product's impact on the environment and society. Life-cycle costing aims to provide a more accurate and comprehensive picture of a product's total cost over time, in order to make better decisions about pricing, design, and production.

Life-Cycle Costing Is the Name Given to ________