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Life Cycle Cost Analysis with Two Reliability Models: A Systems Engineering Approach
Author(s) -
Chan Tony,
Suzuki John
Publication year - 1993
Publication title -
incose international symposium
Language(s) - English
Resource type - Journals
ISSN - 2334-5837
DOI - 10.1002/j.2334-5837.1993.tb01571.x
Subject(s) - system lifecycle , key (lock) , product lifecycle , product (mathematics) , systems engineering , process (computing) , engineering design process , reliability engineering , reliability (semiconductor) , computer science , systems development life cycle , new product development , systems design , cost estimate , cost engineering , product engineering , risk analysis (engineering) , product design , engineering , software development process , software development , software , business , computer security , mathematics , operating system , power (physics) , geometry , marketing , quantum mechanics , programming language , mechanical engineering , physics
Although product development specialists typically consider product costs in a specific portion of a project, they often ignore the full costs associated with the entire life cycle, which includes maintenance and disposal. One of the key aspects of systems engineering is an integrated, full life cycle orientation to product development. When one considers the value of a system using a systems engineering approach, one needs to consider both the technical characteristics of the system as well as the system cost. The financial aspect of the system is one of several key constraints in the design phase of the systems engineering process. Life cycle cost (LCC) analysis, used as an evaluation tool, helps identify the preferred design approach.