Final answer:
A Life Cycle Assessment (LCA) evaluates environmental impacts, while Life Cycle Costing (LCC) assesses costs throughout a product's life cycle.
Step-by-step explanation:
A Life Cycle Assessment (LCA) is a technique used to evaluate the environmental impacts of a product, process, or service throughout its entire life cycle, including raw material extraction, production, use, and disposal. It considers factors such as energy consumption, waste generation, and emissions of pollutants. LCA helps identify areas where improvements can be made to minimize environmental impacts.
On the other hand, Life Cycle Costing (LCC) is an approach used to assess the costs associated with a product, process, or service throughout its life cycle. It takes into account not only the initial purchase cost but also costs related to maintenance, operation, and disposal. LCC helps decision-makers determine the most cost-effective option while considering the total cost over the life span of the product or service.