The Asset Lifecycle Model for Total Cost of Ownership Management (Figure 1) defines the cradle to grave responsibility for measuring and managing a physical asset’s useful life. The framework provides a structure to help property owners, managers, overseers and others determine and manage the Total Cost of Ownership (TCO) to best support their particular organization’s overall business or mission. In this instance, the Model is used as a framework for organizing the glossary of commonly used terms and definitions.