It was initially conceived by Thomas D. Fromm and John Nunnemaker of Perkins & Will, architects, in 1990 to apply to the design of the University of Illinois Life and Science Building and was presented as a concept to the Society of University and College Planners (SCUP) the following year.
AACE first introduced the concept in the 1990s and published the full presentation of the process in the "Total Cost Management Framework" in 2006.
A unique element of the TCM process is that it integrates all the steps that an organization must take to deploy its business strategy.
TCM has found its widest audience in the companies that make large capital investments in fixed capital assets through construction projects (e.g., oil and gas, chemical, pharmaceuticals, utilities, etc.).
[2] In this tested and proven methodology, portfolios of assets are optimized through the use of portfolios of projects, using project management as a delivery system, to support and enhance large, strategic or operational programs[3] in support of the business and strategic objectives of the organization.