Whole-Life Costs (Wlc) Definition
Whole-life costs (WLC) encompass all of the costs associated with owning and operating an asset over its entire life cycle. This includes not only the initial purchase price, but also the ongoing costs of maintenance, repair, and replacement. In order to make informed decisions about which assets to purchase, it is essential to consider the whole-life costs rather than just the up-front purchase price.
The term ‘whole-life costs’ can be applied to any type of asset, from a piece of equipment to a building or even a vehicle. When making a decision about which asset to purchase, it is important to consider not only the initial purchase price, but also the long-term costs of ownership. These long-term costs can include things like maintenance, repairs, and replacements. By taking into account the whole-life costs of an asset, you can make a more informed decision about which one is right for your needs.
