Proposes a process for life cycle costing of a product as a component of an economic evaluation. It is intended for use by both customers (users) and suppliers of products. Following the proposed methodology will give a dollar value representing the life cycle cost of the product. The Appendices propose hypothetical worked examples which reflect the use of the outlined analysis, a sample spreadsheet indicating typical costs that may occur over the life cycle phases, typical cost generating activities and an elaboration of real cost, nominal cost and discounted cost. Based on but not equivalent to SAE ARP 4293-1992, ASTM E917-94 and IEC 300-3-3-1996. Proposed as a Joint Australia/New Zealand Standard.