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Last edited 15 Mar 2022
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.’
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