Total Cost Management Framework- Integrated Portfolio, Program and Project Management Methodology

Best Practice / Program and Project Management

Total Cost Management Framework- Integrated Portfolio, Program and Project Management Methodology
Paul D Giammalvo, Member, Professor and Consultant, Indonesia

A fully integrated methodology integrating Portfolios of Assets to Program/Operations to Portfolios of Projects.

This management methodology is a tested and proven approach developed by Diamond Shamrock or Esso Oil back in the 1950's. It was designed for any organization which uses the CAPEX or OPEX process to fund projects in support of an ongoing business, governmental or not-for-profit organization
Despite the rather limiting name, this methodology is not ONLY about costs, but the entire end to end life span describing how project management works in owner organizations to achieve measurable business results by optimizing portfolios of assets to portfolios of projects to support the delivery of value through operations.
The TCM Framework was edited by John Holllmann and is available through the Association for the Advancement of Cost Engineering International at no cost under "open source" or "creative commons" license
For more information, contact me.

For those who don't like this post, you may find it interesting that the PMBOK Guide 2016 has now COPIED what AACE has been advocating for years. Why? Because what PMI has been saying in the PMBOK Guide simply does not work. Why not? Because it is only part of the picture. You cannot divorce project management from asset and operations management. Unless you integrate asset, program (operations) and project management into a single comprehensive system, you will never be able to consistently produce "successful" projects. PMI is finally admitting this and in the new PMBOK Guide 2016 you will see this change.

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Other Views by this Author: AACE's TCMF versus PMBOK Guide 2016


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