IMPORTANCE OF LIFE CYCLE COST ANALYSIS IN CONSTRUCTION INDUSTRY-REVIEW

Abstract

Life cycle cost analysis is a tool used to evaluate the total cost of a system over its entire life span. Life cycle cost
analysis (LCCA) as applied to civil engineering, sometimes also referred to as value engineering or life cycle costing,
involves accounting for all costs related to construction, operation, maintenance, and disposal at the end of the useful life
of a structure. In short, it provides a detailed account of the total costs of a project over its entire life span. LCCA has
been proven to create short-term and long-term savings in construction projects by helping decision-makers identify the
most beneficial and cost effective projects and alternatives. This review aims at creating a basic understanding of this
topic for the reader by discussing parameters presented in recent research papers.