This section is included because the TCM processes have been primarily described from a quantitative,
monetary perspective with the primary end of the process being the wealth or monetary welfare of the
enterprise’s owners. We need to remind ourselves that TCM, at least in the investment decision making
process (see Section 3.3), should be concerned with economic costs. Economic costs consider that the value
of money is relative to time, currency, and context, including the societal context; that is, an amount of
money saved to benefit both the enterprise and society has a greater value than the same amount of money
saved to benefit only the enterprise. All societal values must be considered in planning, measurement, and
assessment.
This section is included because the TCM processes have been primarily described from a quantitative,monetary perspective with the primary end of the process being the wealth or monetary welfare of theenterprise’s owners. We need to remind ourselves that TCM, at least in the investment decision makingprocess (see Section 3.3), should be concerned with economic costs. Economic costs consider that the valueof money is relative to time, currency, and context, including the societal context; that is, an amount ofmoney saved to benefit both the enterprise and society has a greater value than the same amount of moneysaved to benefit only the enterprise. All societal values must be considered in planning, measurement, andassessment.
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