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Life Cycle Costing Training

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Life Cycle Costing Training

Life Cycle Costing course is taking delegates from the very basics of life cycle costing, through to the advanced application of the technique in realistic situations.

Life cycle costing (LCC) enables asset managers, project sponsors, and delivery teams to evaluate the combined capital and operating costs of different ways of managing built assets and delivering construction projects.

Assets can range from entire estates down to specific systems and components and projects can range in size from small plant replacements to significant refurbishment and new-build works. But the same life cycle costing principles must be applied in each case.

Thinking of projects concerning TOTEX (total expenditure = CAPEX + OPEX) is essential to know which solution to the brief is the most economical over the long term. LCC is one of the strategic priorities of the Government Construction.

Current economic pressures make it imperative to maximize asset reliability, so this training course has been researched and developed to focus on how to accurately cost equipment selection while considering actual equipment survival and failure rates as well as the total costs incurred during the equipment’s lifetime.

This will allow you to choose the most cost-effective approach from a series of available alternatives, which in the long term will save your organization time and money which is the Holy Grail of every maintenance and engineering manager!

Our Life Cycle Costing training course uses as many real-life and practical maintenance and equipment examples as possible to show you how to make long-term ownership decisions rather than only choosing the lowest cost option first.

We will take you in detail through all of the Life Cycle Costing phases, and we will answer all of your questions that relate to each stage.

You might be interested in other Construction Management programs as a next step.

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  • COURSE TYPE Practitioner
  • COURSE NUMBER
  • DURATION 2 days
  • COURSE ACCREDITED BY Local Certificate

YOU WILL LEARN HOW TO

Life Cycle Cost training covers the fundamentals of how to cost projects and equipment selection while taking into account equipment survival/failure and the total cost incurred during the project life.

Our Life Cycle Costing training course uses as many real-life and practical maintenance and equipment examples as possible to show you how to make long-term ownership decisions rather than only choosing the lowest cost option first.

We will take you in detail through all of the Life Cycle Costing phases, and we will answer all of your questions that relate to each stage you will leave this training course with a detailed understanding of what Life Cycle Costing is and how to apply to your current maintenance environment.

IMPORTANT COURSE INFORMATION

Certificate

Students will receive Strategic Axis professional certificate accredited by UAE Government.

COURSE OUTLINE

Modules:

Module 1: Introduction to LCC

Cost models and analysis

Cost elements

Investment analysis

LCC as an engineering tool

LCC as a management tool

Module 2: LCC Structure

The language of money—business facts of life for engineers

Important financial concepts—net present values

Alternatives—The accounting view and engineering view

Checklists for acquisition and sustaining costs

Effectiveness issues—A*R*M*C

Defining the LCC problem—the recipe and steps

Choosing analytical cost models

Preparing cost profiles by year—why this is important

How equipment lives and dies

Module 3: LCC Analysis

Pareto charts—separating the vital few cost contributors

Sensitivity analysis— “what if” scenarios

Tradeoff conditions—how to show and how to sell

Adding uncertainty to LCC—Monte Carlo models

The value of LCC—buyer and seller viewpoints

How much can I afford to pay—quick estimates

Databases for failure information

LCC decisions for maintenance projects

Module 4: LCC Cycle - Practical Implication

Sustaining cost templates

Effectiveness equation trade-off tools for LCC

LCC facts are driven by data

Alternatives with acquisition/ supporting costs

Choosing the analytical cost model

Cost profiles for each year of study

Pareto charts of vital few cost contributors

Risk studies of high-cost items and occurrences

Adding uncertainty to the LCC results

How both end-user and suppliers use LCC

Economic business facts of life for engineers

Discounted cash flow and net present value

Acquisition cost templates

SAE LCC cost template

Trade-off format benchmark diagrams

Defining the LCC problem

Preparing the cost breakdown tree

Gathering cost estimates and cost models

Break-even charts for alternatives

Sensitivity analysis of high-cost items

Selecting a preferred course of action using LCC

References from the literature

Performing NPV Monte Carlo simulations

Using NPV and the effectiveness trade-offs

Solving a variety of problems to make life-cycle cost decision with Excel and costs scenarios provided by the instructor

  • In The Classroom

  • Live, Online

  • Private Team Training

  • Indiviual Private Session

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