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In the context of product development, TCO stands for Total Cost of Ownership. This concept extends beyond just the initial purchase price of a product or service to encompass all costs associated with its life cycle. This includes direct costs, such as acquisition, maintenance, and operational expenses, as well as indirect costs, which may involve training, support, and opportunity costs related to the use of the product. Understanding TCO is crucial for making informed decisions in product development and management, as it allows stakeholders to assess the long-term financial impact of their choices, leading to more sustainable and strategic planning. By evaluating TCO, teams can prioritize investments that offer the best value over time rather than being swayed by lower upfront costs.