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PROJECT MANAGEMENT POST THE FOURTH PERIODS The field of project management continues to evolve. With ongoing standardization of processes, refinement of concepts, and development of software and applications, project management is becoming more of a science than art. A significant advancement to the field is the development of the Total Cost Management (TCM) method. TCM as defined by the AACE International (formerly Association for the Advancement of Cost Engineering) is a "systematic approach to managing cost throughout the life cycle of any enterprise, program, facility, project, product or service". In the scope of a project, TCM is a set of practices and processes an organization applies to govern the cost in the life cycle of a project. The TCM approach is based on the Plan Do Check Access (PDMA). The PDMA model uses an iterative approach to arriving at clearly defined repeatable processes. In its third edition of the PMBok, PMI adopted the PDMA method in 1996 right after AACE's publication of the concept (Hollman, 2006). In 2008 a fourth edition of the PMBok was published. Within the same year Software as a Service (SaaS) became ubiquitous. The idea behind SaaS is that organizations can have access to a software for a fee, usually pay per use or monthly fee that end up being less than the licensing fees, without worrying about the hassle of installation, maintenance or hardware requirements. The software is hosted remotely and delivery is made possible through the cloud. Cloud providers are responsible for handling the infrastructure that supports the software (Armando Fox, 2014). Subsequently, SaaS became synonymous with Storage as a Service. Storage as a Service is a similar model to Software as a Service, where large businesses can rent storage space from their infrastructure to others. The space is often used for backup, and it offers a good option for small to mid-sized companies that may lack resources such as personnel, hardware and physical space for a reliable backup service. This business model is touted as the future of application usage. Presently, XaaS refers to any type of service offered through the cloud, where X refers to the service being offered (Rouse 2010). According to the Global Accreditation Center for Project Management education programs, in 2009 "U.S. News and World Report had ranked project management as the third most valued skill by employers, behind only leadershipegotiation skills and business analysis" (Project Managment Institute, 2013). The demand is increasing for project management as a core competency in various fields such as Information Technology, engineering, business, health care, education, construction and manufacturing. Academe responded by offering several programs and degrees in project management designed to prepare prospective project managers with the knowledge and tools that can allow them to succeed in all phases of project management. In the same year, PRINCE2 was refreshed. The major changes to PRINCE2 are the two guides for PRINCE2, which are role specific. The first guide is Managing Successful Projects with PRINCE2, which is a guide intended for people managing projects on daily basis. Communications technology is now ubiquitous and affordable, which is makes it increasingly easier to work from home or other places. The phenomenon of the virtual worker has become mainstream, and chances are it's not going anywhere soon. According to U.S. news, in 2010, 3.4 million people, equivalent to 9.4% of U.S. workers, worked from home at least one day a week, compared with 9.2 million people, or 7% of U.S. workers in 1997 (Shah, 2013). In some instances, it is a necessity to accommodate for employees to work virtually, while for others it's a welcomed convenience, because it creates a win-win situation for the business as well as the employee. On the other hand, as more businesses adopt a more collaborative virtual workspace, challenges in aspects such as leadership, trust, control, and communication are amplified, with communication being the top challenge (Osman, 2011)