Facility Management Advantages of Total Cost of Ownership (TCO)
A move is underway to use total cost of ownership in lieu of first cost for decision making. This will benefit facility managers as it will help ensure higher quality products are installed that can more easily be maintained and may have longer lives. This session will describe the emerging ANSI TCO standard currently being developed by APPA, based on Service Life (ISO 15686) which ties TCO to BIM, IFC, COBie and the buildingSMART Data Dictionary. This session will examine the opportunities that TCO will bring to all phases of the facility life cycle, especially to facility managers.
1. Learn the difference between first cost and Total Cost of Ownership (TCO)
2. Learn what is included in TCO
3. Review how TCO differs from Life Cycle Costing (LCC)
4. Understand how BIM and TCO related