Total cost of ownership (TCO) refers to the comprehensive assessment of all costs associated with the acquisition, operation, and maintenance of a product or service over its entire lifecycle. TCO goes beyond the initial purchase price to include costs such as installation, training, support, and disposal, providing a clearer picture of the financial impact on an organization. This concept is crucial in decision-making, as it allows organizations to evaluate the true value and potential return on investment of their purchases.
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