Early detection and diagnoses of maintenance problems is made possible by assessment of the current condition of building components and by determining the approximate age of these components. These assessments can include Component Condition Monitoring, Root Cause and Failure Effects Analysis, Total Predictive/Reliability Centered Maintenance Planning (TPM/RCM), Predictive Preventative Maintenance Techniques and Life Cycle Cost Benefit Analysis.

These assessments assist is determining the need to repair or replace specific components as well as establishing the ideal time frame within which the required work should be completed. The early detection and diagnoses of maintenance problems extends the overall life of the asset thus requiring considerably less funds for the operation of the building over time.

These LCS or SFS are used to predict the life extension of existing assets, predict future costs and to prioritize capital expenditures. A threshold fund is established by calculating the average annual expenses and then inflating that average over time. The existence of a threshold fund ensures that enough funds will be available as required to repair or replace problematic components which are functioning at a sub-optimal level.

Life Cycle Studies are increasingly being embraced within the engineering and construction industry. The LEED program  (Leadership in Energy and Environmental Design) - a program sponsored by the United States Green Building Council (USGBC) and the Canada Green Building Council (CaGBC), requires the completion of a Life Cycle Assessment in order to provide LEED certification of a building project. Furthermore, in 2007, the Canadian Sustainable Building Standards, which will include a section regarding Life Cycle Costing, are slated to become part of the Canadian National Building Code.