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Life cycle cost is the total cost incurred in the life cycle of a product, including design, development, production, operation, maintenance, support and disposal. Life cycle cost analysis can help engineers to identify equipment and process selection not on the initial purchase cost but rather on the total cost. A reasonable life cycle cost model can lead to a reliable design. In this paper, several life cycle cost methods and models are analyzed to help engineers to make a decision and the life cycle reliability-based design model is provided.