A general introduction is given to the concept of life cycle costing, particularly highlighting the cost associated with dependability elements (reliability, maintainability, maintenance support and availability) of the product. This standard will: A) facilitate a consistent and structured approach to life cycle costing analysis; b) provide common definitions for the life cycle costing process, thus improving understanding and communication of it; and c) ensure a uniform approach to documentation of life cycle costing analysis, thus assisting the decision makers and facilitating comparison between different analyses. It does not: specify detailed life cycle costing methodologies for specific applications or provide specific criteria for identifying the need for life cycle costing analysis.