Total Cost Management
Total Cost Management (TCM) is a strategic approach to managing projects that seek to incorporate a holistic, company-wide approach to cost management. This approach is based on a set of principles and tools that allow teams to manage resources, costs and timelines more effectively. In this article, we’ll explore what TCM is and how it can boost team productivity.
At its core, TCM is a holistic approach that focuses on the entire project, rather than individual tasks. It helps teams achieve their objectives while managing costs, time and resources in an effective manner. With TCM, teams look at the entire scope of the project, including the cost of each discrete element and how they interact with each other. This way, teams can make better use of resources, and make sure that each component of the project is given the necessary attention and resources to ensure successful completion.
With TCM, teams are able to get into the details of their project, enabling them to identify opportunities for improvements and make sure that costs are kept in check. This can be achieved with different tools, such as mind maps, business process improvement techniques and data analytics. All these tools can be used together in order to develop the most effective strategies and solutions. Additionally, TCM also includes management best practices, such as risk management, quality management and project timelines. This ensures that the project outcomes comply with the company’s business objectives.
By taking a holistic approach to cost management, TCM allows teams to look at the complete picture of their project, rather than individual tasks. This enables teams to identify opportunities to increase efficiency, while reducing costs and the time it takes to deliver the project. Additionally, through TCM, teams can gain a better understanding of their project and all of its elements, which allows them to develop effective strategies and solutions to ensure success.
Ultimately, TCM allows organizations to gain a better understanding of their project and ensure that costs, resources and timelines are managed in an effective manner. By taking a holistic approach to cost management, teams can identify opportunities to increase efficiency and deliver successful projects. Additionally, through TCM, teams can implement better project management systems and ensure that costs are kept in check. As such, TCM is an essential tool for any project team and organization, as it allows them to succeed in their goals and deliver successful projects.
