## 3 State of the Art
### Assessing Financial Viability of Innovative Technologies  
Life cycle costing (LCC) is a method for calculating the total cost of ownership of a product or service over its entire life cycle, from design and development to disposal. It is widely used in the field of advanced technologies, where the high initial cost and long life cycle of products require a comprehensive analysis of the total cost of ownership [25, 26]. \begin{table}
\begin{tabular}{c c c} \hline
**Property** & **LoRaWAN** & **NB-IoT** \\ \hline Modulation Technique & LoRa (Chirp Spread Spectrum (CSS)) & QPSK (Orthogonal Frequency-Division Multiplexing (OFDM)) \\ \hline Frequency Range & 868 MHz, 915 MHz, and 433 MHz & 700 MHz, 800 MHz, 900 MHz, and 1.9 GHz \\ \hline Frequency Bands & Unlicensed & Licensed and unlicensed \\ \hline Network Topology & Star, Mesh, and Hybrid & Star and Point-to-Point \\ \hline Coverage Area & 10 km (rural), 2 km (urban) & 10 km (rural), 1 km (urban) \\ \hline Battery Life & Up to 10 years & Up to 15 years \\ \hline Data Rate & 0.3–50 kbps & 50–250 kbps \\ \hline Security & AES-128 bit encryption & AES-128 bit encryption \\ \hline Deployment & Requires a gateway & Cellular network required \\ \hline Scalability & Can support thousands of nodes & Can support thousands of nodes \\ \hline Latency & Seconds to minutes & Sub-seconds \\ \hline Use Cases & Environmental monitoring, smart & Industrial automation, smart cities, security \\  & parking, asset tracking & and surveillance \\ \hline \end{tabular}
\end{table} 
Table 1: Selected properties of LoRaWAN vs. NB-IoT [20, 21, 22, 23, 24]. One of the key benefits of LCC is that it provides a comprehensive view of the costs associated with a product or service. This includes not only the initial purchase price but also the costs of maintenance, repair, and replacement over the life of the product. LCC also takes into account the impact of factors such as energy consumption, environmental impact, and regulatory compliance. Terotechnology is a related concept that refers to the application of engineering and management principles to optimize the life cycle costs of physical assets. It is based on the idea that the cost of ownership of an asset is not just the initial purchase price, but also the cost of operating, maintaining, and disposing of the asset over its entire life cycle. Terotechnology considers the technical, economic, and social factors that affect the performance of an asset and seeks to optimize the cost-effectiveness of the asset throughout its life cycle [27]. While terotechnology has its merits, LCC is more pragmatic and has a better chance to be used in practice. This is because LCC is a more straightforward and easily understandable approach for calculating the total cost of ownership of a product or service. It is also more widely accepted and used in industry and government, with many organizations requiring LCC analyses as part of their procurement and purchasing processes. One of the challenges of LCC is the need to gather accurate and reliable data on the costs associated with a product or service over its entire life cycle. This requires a detailed understanding of the product's design, manufacturing process, and operating characteristics, as well as the costs of maintenance, repair, and replacement over time. It also requires an understanding of the external factors that can affect the cost of ownership, such as changes in regulations, energy prices, and environmental policies [25, 26]. To overcome these challenges, organizations can use a variety of tools and techniques to gather and analyze data on the life cycle costs of their products or services. These include cost accounting systems, enterprise resource planning (ERP) software, and specialized LCC software tools. These tools can help organizations to identify areas where costs can be reduced and to make more informed decisions about the design, development, and procurement of products and services [26].