What examines initial operating and maintenance cost as well as future benefits over the life of a building or systems in the building?

Life Cycle Costing is a comprehensive approach that evaluates the total costs associated with a building or system over its entire lifespan. This method takes into account not only the initial acquisition costs but also the ongoing operating and maintenance expenses, as well as any potential future benefits that may arise from the investment. By considering all these factors, Life Cycle Costing helps in making informed decisions that reflect the true financial implications of a project over time.

In contrast, Return on Investment primarily focuses on calculating the profitability of an investment relative to its cost, often looking at a shorter timeframe. Capital Cost Estimation is concerned with predicting the initial expenses required to purchase and install assets but does not extend into operational costs or ongoing benefits. Operational Budgeting deals with planning for day-to-day operational expenses within a specific period, rather than evaluating costs over the entire life cycle of a building or system.

Therefore, Life Cycle Costing is the most appropriate answer, as it encompasses a holistic view of costs and benefits related to a building or system over time.