Total cost of ownership
The Chartered Institute of Procurement & Supply (CIPS) Glossary of procurement terms, defines total cost of ownership (TCO) as: ‘A structured approach to calculating the full costs associated with buying and using an asset or acquisition over its entire life cycle.’
Economic Co-operation and Development (OECD) in 2018, defines Total Cost of Ownership (TCO) as a: ‘…type of analysis is meant to uncover all the lifetime costs that follow from owning certain kinds of assets. For this reason, TCO is sometimes called life cycle cost analysis.’
Fro more information see: Life cycle cost.
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