Question: A construction company is implementing Lean accounting principles for a building project. Determine the Total Cost of Ownership (TCO) for a building project with initial

A construction company is implementing Lean accounting principles for a building project. Determine the Total Cost of Ownership (TCO) for a building project with initial construction costs of $500,000, maintenance costs of $50,000 per year, and expected lifespan of 20 years.

Requirements:

Calculate the Total Cost of Ownership (TCO).
Discuss the significance of TCO in Lean construction practices.

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