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In this paper, we discuss our experiences with applying an approach called Activity-Based Life-Cycle Assessment (LCA) in industrial settings. In contrast to other Life-Cycle Assessment approaches, we have taken modern cost management practices such as Activity Based Costing as a basis for our approach to environmental impact assessment. The resulting method, Activity-Based LCA, is an extension of Activity-Based Costing as it handles costs, energy consumption and waste generation simultaneously under the presence of uncertainty in a single framework.