A correlation can be seen between the historic evolution of management science and production engineering, and subsequent changes in approaches to financial management and project management, resulting in a strengthening of controls and analytical techniques. These trends can also be seen to impact approaches to procurement, resulting in project contracting styles that ebb and flow in popularity and use. This research considers the history of management science and industrial engineering, and traces changes in approaches to organizational management, contracting & procurement, and project controls. The influence of management theory and engineering on project controls can then be considered when forecasting future developments and identifying potential new value-added techniques and client expectations in Total Cost Management.