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The life cycle cost is the sum of all costs incurred during the life time of an item. In today's global economy, the procurement decisions of many engineering products are not entirely made on initial procurement costs alone but on their life cycle costs. Past experiences indicate that product ownership cost often exceeds the procurement cost. Eliminating the need to consult many different sources, this book brings together useful, up-to-date life cycle costing concepts for various industrial sectors. It explores the economics of life cycle costing, presents introductory engineering reliability and maintainability concepts, and includes numerous examples with solutions.