Name: Life Cycle Costing (LCC) Training Course
Rating: 4.7 (1076 reviews)

Scheduled Dates

07 - 11 Dec 2026

Online

$4,950

Why Choose this Training Course?

Organisations are increasingly recognising that the true cost of an asset extends far beyond its initial acquisition price. Decisions made during planning, design, procurement and operation have a significant impact on maintenance costs, energy consumption, reliability, operational performance and eventual disposal. Life Cycle Costing (LCC) provides a structured approach to evaluating the total cost of ownership, enabling organisations to optimise investments, improve asset performance and maximise long-term value.

This Life Cycle Costing (LCC) training course provides participants with a comprehensive understanding of whole-life cost analysis and its application across asset-intensive industries. Participants will learn how to develop Life Cycle Cost models, evaluate investment alternatives, incorporate risk and uncertainty into cost forecasts, and apply internationally recognised methodologies to support capital investment, procurement and asset management decisions. Through practical exercises and real-world examples, the course demonstrates how LCC contributes to sustainable financial performance, improved decision-making and enhanced asset value throughout the asset lifecycle.

This training course will highlight:

Principles and methodologies of Life Cycle Costing (LCC)
Whole-life cost analysis for assets, projects and infrastructure
Investment appraisal and capital decision-making using LCC
Cost modelling, forecasting and sensitivity analysis
Integrating LCC with asset management, procurement and sustainability
Applying international best practices to optimise total cost of ownership

What are the Goals?

By the end of this training course, participants will be able to:

Apply Life Cycle Costing principles to evaluate asset and investment decisions.
Develop whole-life cost models for assets, equipment and infrastructure projects.
Analyse acquisition, operation, maintenance and disposal costs using recognised LCC methodologies.
Support procurement, capital investment and asset management decisions through cost analysis.
Evaluate financial risks and uncertainties using sensitivity and scenario analysis.
Improve long-term asset value by integrating LCC into organisational decision-making.

Who is this Training Course for?

This training course is suitable for professionals involved in asset management, engineering, finance, procurement and investment planning, including:

Asset Managers
Maintenance Managers
Reliability Engineers
Project Managers
Capital Project Professionals
Procurement and Supply Chain Managers
Finance Managers
Cost Engineers
Operations Managers
Facilities Managers
Infrastructure Managers
Engineering Consultants
Investment Analysts
Government Asset Management Professionals

How will this Training Course be Presented?

This highly interactive training course combines expert-led presentations, facilitated discussions, practical workshops, Life Cycle Cost modelling exercises, case studies, group activities and real-world examples. Participants will apply recognised LCC methodologies to analyse investment options, compare asset alternatives and support strategic financial and asset management decisions.

Organisational Impact

By completing this training course, participants and organisations will gain:

Improved capital investment and asset acquisition decisions.
Better optimisation of total cost of ownership across asset lifecycles.
Enhanced asset management and procurement effectiveness.
Stronger financial justification for investment decisions.
Reduced lifecycle costs through informed planning and analysis.
Greater long-term value from assets and infrastructure investments.

Personal Impact

Participants will develop the ability to:

Build and interpret Life Cycle Cost models with confidence.
Evaluate investment alternatives using whole-life cost principles.
Improve financial analysis and asset decision-making capabilities.
Apply recognised LCC methodologies to real-world asset challenges.
Support sustainable procurement and asset management practices.
Enhance professional expertise in cost optimisation and value creation.

Daily Agenda

Day 1: Foundations of Life Cycle Costing (LCC)

Understanding Life Cycle Costing principles
Total Cost of Ownership (TCO) versus acquisition cost
The asset lifecycle and cost drivers
International standards and LCC methodologies
Relationship between LCC and Asset Management
Cost categories across the asset lifecycle
Cost estimating techniques
Data collection and cost modelling requirements
Benefits and limitations of Life Cycle Costing
Applying LCC to strategic decision-making

Day 2: Developing Life Cycle Cost Models

Building an LCC framework
Defining cost elements and assumptions
Acquisition and capital cost analysis
Operating and energy cost modelling
Maintenance and reliability cost estimation
Spare parts and inventory costs
Downtime and productivity loss assessment
Disposal, decommissioning and residual value analysis
Discounting future cash flows
Developing complete Life Cycle Cost models

Day 3: Financial Analysis & Investment Appraisal

Time value of money
Net Present Value (NPV) in Life Cycle Costing
Internal Rate of Return (IRR)
Payback Period analysis
Equivalent Annual Cost (EAC)
Cost-benefit analysis
Comparing investment alternatives
Sensitivity analysis
Scenario analysis
Decision-making using LCC results

Day 4: Applying LCC to Asset Management & Procurement

Life Cycle Costing in asset management
LCC for procurement and supplier evaluation
Equipment selection and replacement decisions
Reliability, maintainability and availability considerations
Risk-based asset investment planning
Sustainable procurement and environmental costs
Energy efficiency and operational optimisation
Integrating LCC with ISO 55000 Asset Management principles
Contract evaluation using LCC
Practical LCC application workshop

Day 5: Optimising Asset Value Through Life Cycle Costing

Using LCC to improve organisational performance
Cost optimisation strategies
Digital technologies supporting Life Cycle Costing
Data analytics and AI in cost forecasting
Performance measurement and cost reporting
Governance and assurance for Life Cycle Costing
Benchmarking and continuous improvement
Developing organisational LCC implementation plans
Common challenges and best practices
Action planning for integrating LCC into business processes

Certificate

Upon successful completion of this training course, delegates will be awarded an official PetroKnowledge Certificate of Completion, signed by the course facilitator. The certificate confirms successful participation and records the total learning hours completed.
Continuing Professional Education credits (CPE): In accordance with the standards of the National Registry of CPE Sponsors, one CPE credit is granted per 50 minutes of attendance.

Would an alternative date be more suitable?

We offer a variety of tailored training options, customized to meet your organisation's needs. Delivered anytime, anywhere, we make it easy to bring expert training directly to your team.

Related Categories

Assets and Maintenance

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Life Cycle Costing (LCC)

Optimising Asset Value Through Whole-Life Cost Analysis, Investment Decision-Making & Sustainable Asset Management