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Significance and Use
5.1 For agencies and institutions, measuring and managing the LCC of ownership of property may directly result in improved accountability, in the form of cost savings, increased asset utilization, extended asset life, and increased mission effectiveness.
5.3 Including LCC in the three stages is consistent with Practice E2279 under the reporting principle.
1.2 Real and personal property assets may include capital (fixed) assets and movable, durable assets including: customer-supplied assets, rental/leased assets, contract/project direct-purchased assets, or expense items.
1.3 Asset service lives can be divided into three distinct stages, each with several separate yet interrelated substages: acquisition, utilization, and disposition. These primary stages are not intended to be all encompassing, but are offered as the basis for establishing LCC.
2. Referenced Documents (purchase separately) The documents listed below are referenced within the subject standard but are not provided as part of the standard.
E2135 Terminology for Property and Asset Management
E2279 Practice for Establishing the Guiding Principles of Property Management
ICS Number Code 03.100.10 (Purchasing. Procurement. Logistics)
UNSPSC Code 80131801(Property management)