Whole Life Costing

Whole life costing is the process of taking into account all costs associated with an asset or decision, over its entire lifetime. This includes not only initial purchase costs, but also ongoing costs such as maintenance, repair and replacement.

Whole life costing is a key part of effective procurement, as it allows organizations to make decisions based on the true cost of ownership. It can also help to avoid potential problems down the line, by ensuring that all costs are considered at the outset.