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The work of preparing International Standards is normally carried out through ISO technicalcommittees. Each member body interested in a subject for which a technical committee has been established hasthe right to be represented on that committee. International organizations, governmental and non-governmental, inliaison with ISO, also take part in the work. Draft International Standards adopted by the technical committees are circulated to the member bodies for voting.
Attention is drawn to the possibility that some of the elements of this part of ISO may be the subject of patentrights. ISO shall not be held responsible for identifying any or all such patent rights. This will occur faster and more effectively if a com-mon approach is agreed internationally. This part of ISO has been prepared to provide guidance on the application of the methodology given inISO  and on the calculations related to it.
It provides practical guidance towards the individual steps of the life-cycle costing process and aims to— show how the potentials for added value can be achieved without life-cycle costing turning into a costly andtime-consuming process;— indicate how to structure the work within the process and define focus areas;— transfer the experience of industry in applying the methodology, so that a common and consistent approach canbe achieved.
It also promotes an understanding of the related methodologies and techniques and their application within thelife-cycle costing framework. Life-cycle costing is distinct from investment appraisal in that it is not concerned with determining the financialviability of a development. This part of ISO also provides guidance on the application and calculations of the life-cycle costing processdefined in ISO A typical example would be the need to changethe contracted specification during construction and hook-up.
This might require a response in a few days, or at leasta couple of weeks. Generally, where there is a constraint on either the time or resources available to undertake the work, the level ofdetail should be reduced and not the number of options considered. There may exist limitations on CAPEX or alternatively, the outcome may be subject to hurdle rates, e.
ISO 15663 2 PDF