Whole Life-Cycle Costing

This book de-mystifies whole life-cycle costing (WLCC) by engaging the reader in the theoretical aspects as well as the practice based issues. The editors have brought together contributions from the leading thinkers and practitioners in WLCC to present the current state of play and likely future directions in the pursuit of a more comprehensive approach to procurement evaluation from a whole life perspective. The book provides a state of the art understanding of the rapidly evolving theory of WLCC. It avoids the problem of many publications that labour the point of the importance of the process, as this is now clear to most with an interest in adopting the concept. Instead, it reinforces the rationale of WLCC within the 'value for money' mechanisms that are now an essential feature of public and private procurement systems. Whole Life-cycle Costing: research and practice includes contributions from academics and practitioners who report on the theories and current issues relating to WLCC in four main themes: theory and methodology in application; computational and mathematical aspects; economic theory; strategic whole life- cycle cost and risk management. The proposed structure offers a unique opportunity to consider latest thinking and developments in WLCC alongside the current procedures being adopted in practice.