Life cycle cost (LCC) as a tool for improving sustainability in the Norwegian fishing fleet

Systems engineering principles in fisheries management may structure and improve the decision-making process. Sustainability in the fishing fleet is comprised of economic, environmental, and social dimensions. Even though the total system value may be constituted by economic factors and technical factors, non-market issues, such as environmental and social issues, have an increasingly important impact on the economic performance of a system or company. Life cycle cost (LCC) is related to the systems engineering process, because economic considerations are very important in the process of creating systems. LCC involves evaluation of all future costs related to the life cycle of a system. The main objective of this article is to discuss the usefulness of LCC as a method to enhance sustainable designs of fishing vessels for ship owners, and to improve the decision-bases for fisheries management.