This chapter explores the principles of life cycle cost assessment (LCCA) and value engineering (VE) within the construction industry. It examines the systematic evaluation of costs associated with a construction project over its entire life cycle, including planning, design, construction, operation, maintenance, and disposal. LCCA encompasses an evaluation of construction, operation, maintenance, and end-of-life costs, providing a comprehensive tool for decision-making. VE complements this by identifying cost-saving alternatives without compromising quality. This chapter explores their application in the construction and maintenance of public toilet facilities, highlighting their ability to minimize total ownership costs while maintaining functional integrity. A case study compares two models—RCC roof and Y-shaped truss roof—analyzing their cost-effectiveness over 0- and 40-year periods. The results underline the superiority of the Y-shaped truss roof in terms of capital and operational costs. The findings from the case study have proven that LCC is an effective decision-making tool when the option of alternative comparisons is considered for a project. Apart from that, the proportions of capital costs and O&M costs are determined over a study period of 20 years and 40 years, and the results are found to be 14% and 86%, respectively, for 20 years and 4% and 96%, respectively, for 40 years. Despite the demonstrated benefits of LCC and VE, challenges such as data reliability, future cost prediction, and initial cost bias persist. Addressing these gaps could significantly enhance the adoption of these methodologies in construction projects.