Sets out a process for life cycle costing of a product as a component of an economic evaluation. The Standard is intended for use by both customers (users) and suppliers of products. Following the proposed methodology will give a dollar value representing the life cycle cost of the product. Appendices propose hypothetical worked examples which reflect the use of the outlined analysis, a sample spreadsheet indicating typical costs that may occur over the life cycle phases, typical cost-generating activities and an elaboration of real cost, nominal cost and discounted cost.RECONFIRMATION NOTICETechnical Committee QR-005 has reviewed the content of this publication and in accordance with Standards Australia procedures for reconfirmation, it has been determined that the publication is still valid and does not require change.Certain documents referenced in the publication may have been amended since the original date of publication. Users are advised to ensure that they are using the latest versions of such documents as appropriate, unless advised otherwise in this Reconfirmation Notice.Approved for reconfirmation in accordance with Standards Australia procedures for reconfirmation on26 August 2013.Approved for reconfirmation in New Zealand on behalf of the Standards Council of New Zealand on 24 October 2013.The following are represented on Technical Committee QR-005:Asset Management CouncilAustralian Organisation for QualityDepartment of Defence (Australia)Engineers AustraliaIndependent Transport Safety
