Recently, the demand on the practical application of life-cycle cost effectiveness for design and rehabilitation of structure is rapidly growing unprecedently in engineering practice. Accordingly, in the 21st century, it is almost obvious that life-cycle cost together with value engineering will become a new paradigm for all engineering decision problems in practice. However, in spite of impressive progress in the researches on the LCC, the most researches have only focused on the Deterministic or Probabilistic LCC analysis approach (Level-1 LCC Model) at design stage. Thus, the goal of this study is to develop a practical and realistic methodology for the Lifetime risk based Life-Cycle Cost (LCC)-effective optimum decision-making at design stage.