Designing a hybrid methodology for the Life Cycle Valuation of capital goods

Abstract

Decision-makers are increasingly required to assess the value created by complex physical systems over their entire life cycle. The commonly applied Life Cycle Costing approach fails to fully capture value, as it is primarily aimed at costs, takes a reductionist approach, and does not account for continuously changing industrial environments. To address these shortcomings, the Life Cycle Valuation methodology is proposed, designed as a hybrid of LCC and Life Cycle Assessment. LCV facilitates the assessment of costs and benefits from multiple complementary perspectives and can be tailored to specific decision contexts, as demonstrated by applying LCV during Asset Management decision-making.

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