I need help with this practice problem for my managerial accounting class:

Your manager comes to you and says, I dont understand why everyone is talking about the total-life-cycle costing approach to product costing. As far as Im concerned, this new approach is a waste of time and energy. I think we should just stick to what we know, and that is the traditional approach to product costing.

Critique your managers view by discussing at least three benefits of adapting the total-life-cycle approach.