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

Author

Listed:
  • Alessandro Margherita

    (Department of Engineering for Innovation, University of Salento, 73100 Lecce, Italy)

  • Emanuele Banchi

    (AICE—Associazione Italiana di Ingegneria Economica, 20121 Milano, Italy
    Artas Consulting, 22070 Binago, Italy)

  • Alfredo Biffi

    (Department of Economics, University of Insubria, 21100 Varese, Italy)

  • Gianluca di Castri

    (ICEC—International Cost Engineering Council, Sydney, NSW 2000, Australia
    Glennmont Partners, London EC2M 3BN, UK)

  • Rocco Morelli

    (Independent Researcher, 00161 Rome, Italy)

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.

Suggested Citation

  • Alessandro Margherita & Emanuele Banchi & Alfredo Biffi & Gianluca di Castri & Rocco Morelli, 2022. "Beyond Total Cost Management (TCM) to Systemic Value Management (SVM): Transformational Trends and a Research Manifesto for an Evolving Discipline," Sustainability, MDPI, vol. 14(19), pages 1-16, October.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:19:p:12890-:d:937411
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    References listed on IDEAS

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