This "cradle to grave" approach comprehensively integrates all expenditures across the asset’s entire lifespan, from initial investment and operational expenses to final disposal costs. 

LCC is vital for making sustainable, economically sound decisions, especially for long-term projects such as infrastructure and buildings. By revealing the often-hidden costs of operations and maintenance, LCC helps project owners select solutions that minimize total expenditure, maximizing value over time.

In contrast, Life Cycle Assessment (LCA) is an environmental management tool that quantifies the environmental impacts (e.g., carbon emissions, resource depletion) across the same lifecycle stages.