SOFTWARE ENGINEERING

Detailed explanation-1: -LCC is defined as the total costs estimated to be incurred during the design, development, production, operation, maintenance, support and final disposal of a system over its anticipated useful life span.

Detailed explanation-2: -Life cycle cost (LCC) is an approach that assesses the total cost of an asset over its life cycle including initial capital costs, maintenance costs, operating costs and the asset’s residual value at the end of its life.

Detailed explanation-3: -Lifecycle costing is the maintenance of physical asset cost records over entire asset lives. This means decisions around the acquisition, use or disposal of assets can be made in a way that achieves the optimum asset usage at the lowest possible cost to the entity.