This paper introduces the Life Cycle Cost (LCC) optimization model, where LCC is expressed as a function of controllable design parameters. The LCC model is enhanced with the novel concept of considering the target value of the functional characteristic as a decision variable so that it is optimized on the basis of life-cycle considerations. Most of the LCC model in literature considers only one objective at a time. This paper proposes a comprehensive model, which is capable of considering multiple objectives simultaneously. This model, is solved with the help of Goal Programming.