What type of maintenance costs should be included when determining lifecycle costs?

Including both corrective and preventative maintenance costs is essential for determining lifecycle costs because they together provide a comprehensive view of the total costs associated with operating and maintaining a system over its lifetime.

Corrective maintenance refers to the repairs and actions taken to restore a system after a failure occurs. These costs can vary significantly depending on the frequency and severity of failures, impacting the overall budget and resource allocation.

Preventative maintenance, on the other hand, involves planned activities aimed at preventing failures before they occur. These actions can enhance system reliability and performance, reducing the necessity for costly repairs in the future.

By combining both types of maintenance costs, organizations can develop a more accurate financial model that reflects the true cost of ownership and operational sustainability. This holistic approach helps inform decision-making, allowing for better planning and resource management over the course of the equipment or system's lifecycle.