A study of life cycle costing in the perspectives of research and commercial applications in the 21st century

Wai M. Cheung, Linda B. Newnes, Antony R. Mileham, Robert Marsh, John D. Lanham

Research output: Chapter in Book/Report/Conference proceedingConference contribution

11 Citations (Scopus)

Abstract

This paper presents a review of research in the area of life cycle costing and offers a critique of current commercial cost estimation systems. The focus of the review is on relevant academic research on life cycle cost from 2000 onwards. In addition to this a comparison of the current cost estimation systems is presented. Using the review findings and industrial investigations as a base, a set of mathematical representations for design and manufacturing costs and the introduction of the critical factors is proposed. These are considered in terms of the operational, maintenance and disposal costs to create a method for ascertaining the life cycle cost estimate for complex products. This is presented using as an exemplar, research currently being undertaken in the area of low volume and long life electronic products in the UK defence sector. The benefit of the method proposed is that it aims to avoid the inflexibility of traditional approaches which usually require historical and legacy data to support the cost estimation processes.

Original languageEnglish
Title of host publication2007 Proceedings of the ASME International Design Engineering Technical Conferences and Computers and Information in Engineering Conference, DETC2007
Subtitle of host publicationVolume 4
Pages721-730
Number of pages10
ISBN (Electronic)0791838064
DOIs
Publication statusPublished - 13 Jun 2008
EventASME/IEEE International Conference on Mechatronic and Embedded Systems and Applications, presented at - 2007 ASME International Design Engineering Technical Conferences and Computers and Information in Engineering Conference, IDETC/CIE2007 - Las Vegas, NV, USA United States
Duration: 4 Sep 20077 Sep 2007

Conference

ConferenceASME/IEEE International Conference on Mechatronic and Embedded Systems and Applications, presented at - 2007 ASME International Design Engineering Technical Conferences and Computers and Information in Engineering Conference, IDETC/CIE2007
CountryUSA United States
CityLas Vegas, NV
Period4/09/077/09/07

ASJC Scopus subject areas

  • Computer Graphics and Computer-Aided Design
  • Computer Science Applications
  • Mechanical Engineering
  • Modelling and Simulation

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