explain to me life cycle costing vs tratidional management accounting practises

Life cycle costing:

It is a system that tracks and accumulates the actual costs
and revenues attributable to cost object from its invention to
its abandonment. It includes total cost through the planning,
designing, acquisition and support costs and any other
attributable costs to owning or using the asset.



Benefits of Life Cycle Costing

(i) It results in earlier action to generate revenue or
lower costs than otherwise might be considered.
There are a number of factors that need to be
managed in order to maximise return in a product.

(ii) Better decision...