This International Standard establishes a general introduction to the concept of life cycle costing and covers all applications. Although costs incurred over the life cycle consist of many contributing elements, this international standard particularly highlights the costs associated with the dependability of an item. This forms part of an overall dependability management programme as described in IEC 60300-1. Guidance is provided on life cycle costing for use by managers, engineers, finance staff, and contractors; it is also intended to assist those who may be required to specify and commission such activities when undertaken by others.