Life-cycle costing made simple
7. Establish data collection systems to back up the Life Cycle Costing model
Link these to other organisational data systems and those of team partners.
- Clients could drive integrated data management systems, by ensuring that the team shares all available data on facilities and components: initial costs, life expectancy, expected repairs/ renewals periods.
- Encourage suppliers and sub contractors to provide capital and life cycle costs on their products, including their expected life, performance and the costs in use.
- Set a common database to include the relevant component information and specifications.
- Update this by recording actual experience against this data, including failures, reasons for these and remedial action taken.
- Analyse data on component failures and trends in responsive repairs to assess the extent to which these can be reduced/ avoided in the future by radical product changes in planned maintenance/ upgrading programmes.
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