Final answer:
The total ownership cost, also known as life cycle cost, includes all the expenses associated with owning and using a system throughout its lifetime.
Step-by-step explanation:
The total ownership cost, which includes the costs associated with research, development, testing and evaluation, procurement, military construction, military personnel, operations and maintenance, and disposal of a system, is also known as life cycle cost.
For example, in the military context, when calculating the life cycle cost of a weapon system, all the costs throughout its lifetime, from design to retirement, are taken into account. This includes not only the initial procurement cost, but also the costs of operating, maintaining, and eventually disposing of the system.
Therefore, the life cycle cost provides a comprehensive view of the expenses involved in owning and using a system, and it helps decision-makers evaluate the long-term affordability and sustainability of their investments.