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A construction company is implementing Lean accounting principles in project cost management. Calculate the Total Cost of Ownership (TCO) for a construction project with initial

A construction company is implementing Lean accounting principles in project cost management. Calculate the Total Cost of Ownership (TCO) for a construction project with initial costs of $1,000,000, annual maintenance costs of $50,000, and an expected lifespan of 25 years. Discuss the significance of TCO in Lean construction practices.

Requirements:

  • Calculate the Total Cost of Ownership (TCO).
  • Discuss the significance of TCO in Lean construction practices.

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