Tool to incorporate environmental costs into life cycle assessment

Abstract

The objective of this Life Cycle Environmental Cost Analysis (LCECA) model is to include eco-costs into the total cost of the products. Eco-costs are both the direct and indirect costs of the environmental impacts caused by the product in its entire life cycle. Subsequently, this LCECA model identifies the feasible alternatives for cost effective, eco-friendly parts/products. This attempts to incorporate costing into the Life Cycle Assessment (LCA) practice. Ultimately, it aims to reduce the total cost with the help of green or eco-friendly alternatives in all the stages of the life cycle of any product. The new category of eight eco-costs is being included in the cost breakdown structure. The mathematical model of LCECA aims to define the relationships between the total cost of products and the various eco-costs concerned with the life cycle of the products, and determine quantitative expressions between the above said costs. A computational LCECA model has been developed to compare the eco-costs of the alternatives. This model will include a break-even analysis to evaluate the alternatives, sensitivity and risk analysis modules. This model aims at a cost-effective, eco-friendly product as an end result. This LCECA model will be compatible with the existing LCA software tools.