The management of life cycle costing represents an approach facilitating sustainable
development and an effective utilisation of corporation resources. It serves to ensure product value
optimisation in relation to resources used. The contribution deals mainly with cost aspects of life
cycle management. Cost management based on life cycle is shown to be a valuable approach for
comparing alternative product designs. The contribution describes the substance of life cycle management
and costing, identifies some important steps in life cycle costing, approaches the question
of life cycle cost drivers and characterizes the limitations on life cycle costs implementation