ACCA F5 Paper - Life Cyle Costing definition

Part of the ACCA F5 Paper discusses Life-Cyle Costing. This is a simple explanatiomn and definition.

Life-cycle cost analysis became popular in the 1960s when the concept was taken up by U.S. government agencies as an instrument to improve cost effectiveness of equipment procurement. From that time, the concept has spread to the business sector worldwide, and is used in new product development studies, project evaluations and management accounting.

Life Cycle Costing (LCC) also called Whole Life Costing is a structured approach that addresses all the elements of the total cost of a product or service and can be used to produce a cost profile of the product or service over its anticipated life-span. The results of an LCC analysis can be used to assist management in the decision-making process where there is a choice of options. The accuracy of LCC analysis diminishes as it projects further into the future, so it is most valuablhttp://www.blogger.com/img/blank.gife as a comparative tool when long-term assumptions apply to all the options and consequently have the same impact. Life-cycle costing can also be used to control life-cycle costs.

In a single sentence the definition of Life Cylce Costing can be summed up: "Life cycle costing is the accumulation of costs over a product's entire life span."

For more information on Life Cylce Costing, or other aspects of the ACCA F5 paper, head to ACCA F5 study material publishers, TonySurridge.co.uk

Which ACCA titles should we publish next?

So... we’ve been thinking about which ACCA subjects we should next publish for. And we’ve decided to put it out to our ACCA student audience to see what your thoughts were. We’ve already had some initial input, and general feedback, and it looks like ACCA P5 is quite popular. A couple of you have asked for the P5 materials to help connect the F5 and P3 ACCA study guides we currently produce. But we’ll not likely to pounce just on some initial discussions... so we would like to hear from more of you out there.

Let us know which ACCA subjects you want to see us publish and tell us why. Our ACCA authors are always willing to listen and they proactively take on all feedback with positive attitude. Head over to our ACCA study website: TonySurridge.co.uk

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