Whole of Life Costing is a method of assessing which asset option, will be the most economical over an extended period of time.
Lifecycle Cost Analysis is a method of assessing which asset option, will be the most economical over an extended period of time.
Maintenance is any activity performed on an asset with a view to ensuring that it is able to deliver an expected level of service until it is scheduled to be renewed, replaced or disposed of.
Operation is the act of utilising an asset. Asset operation will typically consume materials and energy.
Renewal or more formally asset renewal is the replacement or refurbishment of an existing asset (or component) with a new asset (or component) capable of delivering the same level of service as the existing asset.
A Rule of Thumb is a broadly accurate guide or principle that is not guaranteed to be strictly accurate or reliable for every situation. With respect to the Whole of Life Costing project is refers to a rough generic estimate of the ongoing maintenance and operational costs likely to follow on from the construction or purchase of a new asset.