Current practices for investment and technology decision making in aeronautics largely rely on regression-based cost estimation methods. Although quick to implement and easy to use, they suffer from a variety of limitations, both in temporal space and scope of applicability. While recent research and development in this area addresses these to a certain extent, aerospace engineering still lacks a flexible and customizable valuation framework. To this end, a generic environment for economic and operational assessment of aircraft and related products named LYFE is presented. This tool employs a discrete event simulation which models the product life cycle from its order through decades of operation and maintenance until disposal. This paper introduces its key characteristics and default methods alongside its modular program architecture. The capabilities are demonstrated with a case study of on-wing engine cleaning procedures which are triggered by a customized decision making module. Thereby, the impact on engine health, fuel efficiency and overall economic viability is quantified. On the whole, the framework introduced in this paper can be used to analyze not only physical products but also operational procedures and maintenance strategies as well as specified decision making algorithms in terms of their impact on an aircraft’s or system’s life cycle.