A new 1st edition of ISO 15663 ‘’Life cycle costing’’, as developed by the ISO/TC67/WG4 has been published 25 February 2021.
It contains requirements and guidance on how to implement and apply the life cycle costing methodology, to provide decision support for selection between alternative competing options.
The use of ISO 15663 enables strengthening of the industry cost management for business value creation. The standard also contains unique key economic evaluation measures such as LCC (life cycle cost) and NPV (net present value). The oil and gas operators, contractors and vendors are the main users of ISO 15663.