I read the question a little bit differently. It sounds as if we are being asked if the only important part of lifecycle cost is horsepower. I interpret this to mean that we would always select the pump with the highest efficiency and thus the lowest horsepower consumed. If so, I would once again answer "No" but with a few qualifications.
Lifecycle cost for a new pump consists of the cost to buy it, install it, operate it and maintain it. If cost is my only criteria, it is a simple economic analysis. I can pay twice as much to get a pump with higher efficiency (lower energy cost) and higher reliability (lower maintenance cost). Allowing for the time value of money, the economic analysis program would tell you which option is the better value. But, in my experience, these costs are not the only criteria.
If a pump is fully spared and downtime has no production penalty, pure lifecycle cost may be of high importance. If the pump is unspared and failures cause a loss of production, reliability may be much, much more important than lifecycle cost. If the product in the pump is flammable or has environmental impact, then failures may carry a high safety or environmental risk. So, reliability could be critical. I can assign value to all of these variables and bring them back to an economic analysis.
For example: In my plant, we bought a 1000 HP motor driven charge pump that runs unspared. When it shuts down, the unit shuts down. It cost US$1,000,000 to purchase and install the pump. Running the 1000 HP motor costs us about US$400,000 per year in electricity. If the pump shuts down, the lost production costs us US$100,000 per day. Each seal or bearing failure of the pump costs us US$25,000 to repair and takes two days. Each complete overhaul of the pump costs us US$150,000 and takes 5 days. Would it be worth it to pay an extra US$100,000 to get a pump that only uses 900 HP? Would it be worth it to pay an extra US$250,000 to get a pump that can run twice as long between major overhauls? If each seal leak carries a 1/100 chance of a fire that will cost us an additional US$500,000 in damage and downtime, I can account for that, too.
All I have to do is put the economics into a spreadsheet and let it calculate the Net Present Value of each option. In my example, reliability is worth more to me than efficiency. In an application with low safety risk (not flammable), no downtime cost (fully spared) and high energy costs, perhaps efficiency would be worth more.
Johnny Pellin