Beyond Total Cost Management (TCM) to Systemic Value Management (SVM): Transformational Trends and a Research Manifesto for an Evolving Discipline

Alessandro Margherita (), Emanuele Banchi, Alfredo Biffi, Gianluca di Castri and Rocco Morelli
Additional contact information
Alessandro Margherita: Department of Engineering for Innovation, University of Salento, 73100 Lecce, Italy
Emanuele Banchi: AICE—Associazione Italiana di Ingegneria Economica, 20121 Milano, Italy
Alfredo Biffi: Department of Economics, University of Insubria, 21100 Varese, Italy
Gianluca di Castri: ICEC—International Cost Engineering Council, Sydney, NSW 2000, Australia
Rocco Morelli: Independent Researcher, 00161 Rome, Italy

Sustainability, 2022, vol. 14, issue 19, 1-16

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.

Keywords: cost engineering; lifecycle management; research agenda; sustainability; total cost management (TCM); trends; systemic value management (SVM) (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
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