What is this standard about?
It covers the basic principles and processes of life cycle costing for buildings and other constructed assets.
Who is this standard for?
- Procurers of constructed assets with an interest in long-term ownership. These may be public or private, or lessees with a reasonably long period of interest in the property and/or responsibility for maintenance and/or operational costs
- Designers
- Constructors and their specialist suppliers of materials and components
- Facility operators (to help them input more effectively into the design process)
- Cost consultants and other specialists
- Local authorities and central government- Universities’ estate management
- Banks
- Contractors
- Construction consulting engineers
Why should you use this standard?
Because it:
- Covers the basic principles and processes of life-cycle costing
- Defines terms and indicates how costing should be used in long term planning
- Provides guidance on when to do life-cycle costing
- Provides a benchmark that allows projects to be directly compared around the globe
- Helps improve decision making and project evaluation at any stage
- Clarifies the difference between life-cycle and whole-life costing
- Improves confidence in life-cycle costing
- Unlocks the real value of life-cycle costing and enables its wide use in the construction industry
What’s changed since the last update?
Several clauses have been technically revised to distinguish normative from guidance text, and Annexes C and D have been technically revised to make them clearer. The bibliography has been updated.