What is meant by "life cycle cost analysis" in highway projects?

Life cycle cost analysis in highway projects refers to a comprehensive evaluation that considers all costs associated with a project throughout its entire lifespan. This approach includes not only the initial construction costs but also operational, maintenance, repair, and disposal costs over time. By assessing these various expenditures, stakeholders can make informed decisions that reflect the true financial implications of a project, rather than focusing only on upfront costs.

This analysis provides valuable insights into the long-term economic feasibility of different highway designs and maintenance approaches. It allows project planners and decision-makers to compare options based on how they will perform financially over time, leading to better resource allocation and investment strategies in the infrastructure sector. Such an analysis is important because it can identify more sustainable and cost-effective solutions that might not be apparent if only initial construction costs were considered.