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The concepts of probability theory can also be applied to life cycle costing, treating the costs and timings as a stochastic process. If any subjectivity is introduced into the estimates, then the uncertainty cannot be handled using the probability theory alone.
When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.