This part of IEC 60300 provides a general introduction to the concept of life cycle costing and covers all applications. Although the life cycle costs consist of many contributing elements, this standard particularly highlights the costs associated with dependability of the product. This standard is intended for general application by both customers (users) and suppliers of products. It explains the purpose and value of life cycle costing and outlines the general approaches involved. It also identifies typical life cycle cost elements to facilitate project and programme planning. General guidance is provided for conducting a life cycle cost analysis, including life cycle cost model development. Illustrative examples are provided to explain the concepts.