What is BS EN 60300-3-3 — Life cycle costing about?
BS EN 60300-3-3 is a part of the EN 60300 multi-series that discusses dependability management. BS EN 60300-3-3 establishes a general introduction to the concept of life cycle costing and covers all applications. The principal use of BS EN 60300-3-3 is to compare one alternative system solution to another where the future cost of ownership comprising maintenance, operations, enhancement and disposal actions is significant and require a balance between the cost of acquisition and the residual unrealized risk of ownership.
Who is BS EN 60300-3-3 — Life cycle costing for?
BS EN 60300-3-3 on life cycle costing is useful for:
- Top-level management responsible for decision making
- Operation managers
- Project managers
- Risk analysts
- Cost analysts
- Asset managers
- Finance managers
- Auditors
Why should you use BS EN 60300-3-3— Life cycle costing?
Life cycle costing is the process of performing an economic analysis to assess the cost of an item over a portion, or all, of its life cycle in order to make decisions that will minimize the total cost of ownership while still meeting stakeholder requirements.
BS EN 60300-3-3 is a guidance document that helps you to perform life cycle costing by illustrating the concepts, procedures, approaches and analysis of life cycle costing.
Overall, BS EN 60300-3-3 guidelines enable you to perform the life cycle costing of your organization which provides you essential data to develop budgetary estimates.
What’s changed since the last update?
BS EN 60300-3-3:2017 replaces the BS EN 60300-3-3:2004. BS EN 60300-3-3:2017 includes the following significant technical changes with respect to BS EN 60300-3-3:2004:
- Addition of a complete analysis process
- Greater reference to international accounting practices
- Increased discussion of financial concepts