encyclopedia

LIFE CYCLE

The acquisition and operations stages of a system’s evolution. The phases of development of a system typically include the concept, design, development, and deposition efforts. (NTSC)

LIFE CYCLE COSTING

A method of evaluation of alternative choices (e.g., vehicles) on the basis of comparative total costs for purchase and operations over the expected useful life of the asset. (TRB)

LIFE-CYCLE PROCUREMENT

A form of competitive procurement where the contract is awarded based on a consideration of cost of operation as well as initial capital cost.