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NORFOLK STANDARDCOMMON REQUIREMENTSLIFE CYCLE COST FOR SYSTEMS AND EQUIPMENTOCR001
Rev. 1, April 1996Please note that whilst every effort has been made to ensure the accuracy of the NORFOLK standards
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What is life cycle cost for?
Life cycle cost is a financial analysis that calculates the total cost of owning and operating an asset over its entire life span, including acquisition, operation, maintenance, and disposal costs.
Who is required to file life cycle cost for?
The entity or organization responsible for procuring or managing assets is required to file life cycle cost.
How to fill out life cycle cost for?
To fill out life cycle cost, you need to gather all relevant cost information for the asset, including initial acquisition cost, estimated maintenance and operation costs, and estimated disposal costs. This information is then used to calculate the total life cycle cost.
What is the purpose of life cycle cost for?
The purpose of life cycle cost is to make informed decisions about asset acquisition and management by understanding the long-term costs associated with owning and operating the asset.
What information must be reported on life cycle cost for?
The life cycle cost report should include detailed information about the asset, such as its description, expected lifespan, acquisition cost, estimated maintenance and operation costs, and estimated disposal costs.
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