From the course: Applying Managerial Accounting
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Lifecycle costing
- Lifecycle costing might sound like some kind of endurance event but it's actually something we come up against all the time. Understanding what it is, and how to use it, can help with making sound decisions in both the professional arena and also in day-to-day life. Some folks I know like to refer to lifecycle costing as the true cost dilemma. Understanding the true cost of a purchase you're considering can have a huge bearing on the decision you ultimately make. So how about we play a little game that it like to call should I buy that dream car? Now, look what some folks consider to be a dream car will be vastly different to others and that's okay. This game can be played using any car so use your imagination. But for me, it's the Dodge Charger. What you're looking at here is a breakdown of costs for a new Charger. Now, look, these numbers do rely on some assumptions but based on what I've researched from several…
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