Life cycle costing of engineering projects in Nigeria

Costing of projects is carried out employing different methods. Most of the methods take into consideration the initial cost of the material or equipment only. This paper examines the use of life cycle technique (LCT) for costing engineering projects. It focuses on different stages of life cycle costing to estimate total project cost. It was highlighted that life cycle costing, though new in Nigeria, be used for project cost estimation for optimal results. Limitations of the technique were discussed. Merits of this method of evaluating projects were also captured.