Publications / 2008 Proceedings of the 25th ISARC, Vilnius, Lituania

Total LCC and Probabilistics

Olavi Tupamäki
Pages 500-506 (2008 Proceedings of the 25th ISARC, Vilnius, Lituania, ISBN 978-9955-28-304-1, ISSN 2413-5844)
Abstract:

To support sustainability in the Construction and Real Estate Cluster - CREC, this paper describes the ongoing development towards Total LCC to cover not only the initial capital and direct future costs of a building or other constructed assets but also externalities and intangibles (occupational, locational, environmental and societal costs), as well as towards LCC with Probabilistics – LCCP to replace deterministic (read: historic singular) values for costs and performance (read: service life) with a probabilistic approach.

Keywords: Sustainable, Life cycle costing - LCC, Monetarisation, Discounting, Probabilistic