Total Cost Management

Total Cost Management (TCM) is a comprehensive approach to managing a project's costs throughout its lifecycle. It involves planning, estimating, budgeting, and controlling expenses to ensure that a project is completed within its financial constraints. TCM emphasizes understanding all potential costs, including direct and indirect expenses, and focuses on maximizing value while minimizing waste. By integrating cost management with project planning and execution, organizations aim to improve efficiency, enhance decision-making, and achieve better financial outcomes. Essentially, TCM helps businesses make informed choices that lead to successful project delivery without overspending.