This document summarizes a seminar on reliability and life cycle costs. It discusses how life cycle cost (LCC) analysis can help reduce production costs and optimize profitability by evaluating long-term costs of operating equipment. LCC was first used by the U.S. Department of Defense to account for high operating costs. The seminar also discusses total life cycle costs, types of maintenance costs over the life cycle, reliability analysis and different failure rates and distributions, and how to minimize total life cycle costs through reliability efforts and predictive maintenance.