IEC 60300-3-3, Dependability management – Part 3-3: Application guide – Life cycle costing, has been revised. The new Edition 3.0 replaces the previous Edition 2.0 from 2004, which is now obsolete. The standard is a general introduction to the concept of life cycle costing with an emphasis on dependability. You will find it helpful if you need to produce, specify, oversee, and/or manage this type of forecasting.
IEC 60300-3-3 provides you with a means of comparing one alternative system solution to another. For estimating total life cycle costs, both technical and monetary assessments need to take place. This process yields the highest value for the user when it is undertaken early in the life of a particular item, particularly in the design phase. Just remember, this process does not take future revenue or value into account.
Sections of IEC 60300-3-3 cover such topics as concepts of life cycle costing, the process itself, and finalizing the analysis. There are 7 informative Annexes. These cover various concepts and examples to help you execute your plan. A 10-item bibliography completes the document.
FYI: Changes in the 3rd Edition has changes throughout. They center on the addition of a complete analysis process, greater reference to international accounting practices, and more discussion of financial concepts. IEC Committee 56 notes that this constitutes a technical update.
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