Life cycle costing

Published April 2016
Effective from 1 July 2016

This guidance note summarises what is meant by a life cycle costing and whole life costing service for both new construction works and for the refurbishment of existing assets.

Covered in this guidance note:
- standards and definitions
- essentials of life cycle costing
- worked examples.

This is part of RICS' Black Book, which is a collection of technical practice documents that covers all processes throughout the construction project life cycle. The documents are essential development tools for junior professionals working through their APC and useful guides to best practice for more experienced professionals.

A project is currently underway to review and update the Black Book content with the aim of producing a comprehensive new edition. Expected to publish in 2025, the new Black Book will comprise an overarching global professional standard, accompanied by practical guidance material.