Life cycle cost (LCC) analysis is a process that evaluates the total economic value of a project by analyzing initial costs and discounted future costs over the life of the project. LCC analysis considers factors such as time value of money, inflation, opportunity cost, and discount rates to determine costs. The analysis involves establishing design alternatives, estimating costs, and determining life-cycle costs through either deterministic or probabilistic methods. Sensitivity and risk analyses are then performed to understand variables that influence costs and estimate uncertainty.