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Pay Now or Pay Later Controlling Cost of Ownership from Design Throughout the Service Life of Public Buildings (1991) / Chapter Skim
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Appendix A Glossary
Pages 39-42

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From page 39...
... DISCOUNT RATE. A measure of the economic time value of money, the opportunity cost of having funds or benefits available now versus at some 39
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From page 40...
... ECONOMIC LIFE. The period of time over which costs are incurred and benefits or disbenefits are delivered to an owner; an assumed value sometimes established by tax regulations or other legal requirements or accounting standards and not necessarily related to the likely service life of a facility or subsystems.
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From page 41...
... SERVICE LIFE. The period of time over which a building, component, or subsystem provides adequate performance; a technical parameter that depends on design, construction quality, operations and maintenance practices, use, and environmental factors; not the same as economic life.
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Key Terms

  • economic life
  • service life
  • costs incurred
  • economic cost
  • computed using

  • monetary terms
  • costs expressed
  • time value
  • basis throughout
  • benefits available

  • provides adequate
  • uniform annual
  • value sometimes
  • organized effort
  • legal requirements

  • time incurred
  • constructed facilities
  • irregular basis
  • regular basis
  • typically expressed

  • subsystem provides
  • assumed value
  • economic time
  • substantial renovation
  • effort directed

  • sometimes established
  • benefits anticipated
  • facilities managed
  • tax regulations
  • particular time


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