Banknote Performance Evaluation, Fitness Standards, and Life Cycle Costing

Managing the **life cycle cost** of a banknote is a critical financial and operational responsibility for a central bank, directly linking material science, printing policy, and operational efficiency. This advanced course provides a rigorous, quantitative framework for **banknote performance evaluation**. Participants will learn how to measure note durability, assess the impact of different substrates (e.g., cotton vs. polymer), determine optimal retirement points, and calculate the true **life cycle cost (LCC)** of each denomination. The program emphasizes the use of objective metrics and experimental design to inform strategic decisions on substrate choice, security feature durability, and new currency ordering, maximizing the value and integrity of the currency in circulation.