Life Cycle Costs:
An estimate of all direct and indirect costs associated with a purchased or acquired asset over its entire lifetime, life expectancy or lifecycle. This estimate incorporates the initial expenditure, plus any maintenance and operating costs over the entire lifetime of an asset.
Cost Benefit Analysis:
A process by which expected costs are weighed against expected benefits to determine the best (or most profitable) course of action. The value of both financial and non-financial benefits should be considered.
A holistic management process that involves the identification of potential threats to an organisation to develop a framework for building resilience.
The ability to respond and adapt to internal or external opportunities, demands, disruptions or threats with minimal disruption to the business.