__________cost refers to the product’s purchase cost plus the discounted cost of maintenance and repair less the discounted salvage value.

Solution (By Examveda Team)

Life cycle cost refers to the product’s purchase cost plus the discounted cost of maintenance and repair less the discounted salvage value. Life-cycle costing is a method of calculating the total cost of ownership over the life span of the industrial product. It can be especially useful in the marketing of industrial products that sell for high initial prices, but which provide long-run cost savings.