Beyond Total Cost Management (TCM) to Systemic Value Management (SVM): Transformational Trends and a Research Manifesto for an Evolving Discipline
Sustainability
; 14(19):12890, 2022.
Article
in English
| ProQuest Central | ID: covidwho-2066478
ABSTRACT
Total cost management (TCM) has developed as a systematic approach to managing resources, costs, profitability, and risks throughout the lifecycle of any enterprise, program, facility, project, product or service. However, a number of trends are today creating a new socio-technical scenario, characterized by increasing volatility, uncertainty, complexity, and ambiguity (VUCA), which is affecting the strategic scope and applicative dimensions of TCM. A logic of sustainability and multi-stakeholder value is increasingly required to account for the competing and multi-dimensional needs of customers, employees, partners, and large stakeholder ecosystems. This article presents a review of cross-disciplinary literature and the use of authors’ engagement and consolidated expertise in the field to drive a group model building process aimed to design a conceptual framework and a research manifesto for the evolving TCM discipline. The study provides a classification of nine major trends and evaluates the impact of those trends on a number of TCM dimensions. Next, a research agenda is showed, including nine trajectories for scholars and practitioners engaged to support the evolution of TCM towards a new idea of systemic value management (SVM). The study advances the current knowledge on value-based and sustainable approaches to management and offers to experts and practitioners a basis to implement innovative development projects in the field of TCM.
Environmental Studies; cost engineering; lifecycle management; research agenda; sustainability; total cost management (TCM); trends; systemic value management (SVM); Evolution; Cooperation; Global economy; Pandemics; Project evaluation; Project management; Development projects; Discipline; Economics; Life cycle analysis; Critical path; Coronaviruses; Value management; Total quality; Management; Risk assessment; COVID-19; Profitability; Literature reviews
Full text:
Available
Collection:
Databases of international organizations
Database:
ProQuest Central
Language:
English
Journal:
Sustainability
Year:
2022
Document Type:
Article
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