Applying Total Cost of Ownership
Total cost of ownership is an evaluation tool that looks at a piece of equipment and the total operating costs associated with using that equipment for the duration of its lifespan. The total cost of ownership includes not only the purchase price but also the energy used, maintenance and operational costs. Over its lifetime these additional costs can make the initial purchase price insignificant. Applying this sort of evaluation is already common in many industries and is just emerging in
dairy operations.