This paper will provide an overview of developments from the two phases of the LIFE (Lifecycle Information for E-Literature) project, LIFE1 and LIFE2, before describing the aims and latest progress from the third phase. Emphasis will be placed on the various approaches to estimate preservation costs including the use of templates to facilitate user interaction with the costing tool. The paper will also explore how the results of the Project will help to inform preservation planning and collection management decisions with a discussion of scenarios in which the LIFE costing tool could be applied. This will be supported by a description of how adopting institutions are already utilising LIFE tools and techniques to analyse and refine their existing preservation activity as well as to enhance their collection management decision making.