What is total cost in SAP PLM-PLC - Product Lifecycle Costing?

SAP Term: total cost

• Component: PLM-PLC

• Component Name: Product Lifecycle Costing

• Description: Contains all costs for an item in the reporting currency, including the direct and indirect costs as well as the overhead that is defined in the costing sheet.

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• Key Concepts: 
  Total cost is a term used in SAP Product Lifecycle Costing (PLM-PLC) to refer to the sum of all costs associated with a product throughout its lifecycle. This includes costs associated with research and development, production, marketing, distribution, and disposal. 
  
  How to use it: 
  Total cost can be used to calculate the total cost of ownership (TCO) of a product. This is done by taking into account all costs associated with the product throughout its lifecycle, including research and development, production, marketing, distribution, and disposal. The TCO can then be used to compare different products and make informed decisions about which one is the most cost-effective. 
  
  Tips & Tricks: 
  When calculating total cost, it is important to consider all costs associated with the product throughout its lifecycle. This includes not only direct costs such as materials and labor, but also indirect costs such as marketing and distribution. It is also important to consider future costs such as disposal or recycling. 
  
  Related Information: 
  Total cost is closely related to other terms such as total cost of ownership (TCO), life cycle costing (LCC), and life cycle assessment (LCA). These terms are all used to evaluate the total cost of a product throughout its lifecycle.