What is the definition of life cycle cost (LCC)?

Life Cycle Cost (LCC) is defined as the total cost of acquisition and ownership of a system over its entire life. This definition encompasses not only the initial costs related to the design, development, and procurement of the system but also includes costs incurred throughout its operational life, maintenance, support, and eventually its disposal or decommissioning.

Understanding LCC is crucial for effective systems engineering because it allows decision-makers to evaluate the economic viability and long-term sustainability of a system. By considering costs over the entire life cycle, stakeholders can make informed decisions that optimize resources, enhance budgeting accuracy, and facilitate sustainable operation.

The other options, while relevant to various aspects of systems engineering, do not correctly convey the comprehensive nature of LCC. For instance, a framework of processes and activities, information needs of decision-makers, or graphical representations relate to the methodologies or tools used in systems engineering but do not specifically capture the financial considerations inherent in LCC.