What is total cost of ownership - Definition and Meaning

Total Cost Of Ownership :

Total cost of ownership (TCO) refers to the financial estimation of total cost of production and operation of product for lifetime. It helps the buyers and owners to determine the estimation of purchasing, deploying, using and retiring a product. Thus its also known as "life cycle cost analysis". While purchasing a product, the buyer should not only look at its short term price, that is purchasing price, but also the long-term price, that is the total ownership cost. TCO aids to quantify the cost for the product's entire lifecycle.

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