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An acronym for Project Management Book of Knowledge, PMBOK® is a standard guide with a set of guidelines focused on Project Management. The guide keeps updating and the latest (sixth) edition of PMBOK® was released in the year 2017.
The PMBOK® guide is designed by the Project Management Institute. The first edition was published by the PMI in 1996. Here, in this blog, we are going to talk about PMBOK®, its uses, key features, and benefits.
The purpose of PMBOK® guide is to provide valued practices and advice for the proper functioning of a Project Management team. With this guide, individuals will be able to perform tasks with better efficiency and accelerate the project completion process. Application of knowledge, skills, and practices stated in the guide increases the chances of success of a project to a great extent.
Taking into account several types of projects, the PMBOK® guide has categorized them into five process groups and about nine knowledge areas.
The five basic process groups are as follows,
Initiation: The first step is the initiation of the project which involves the setting of vision and goals that are needed to be accomplished. Authorization from the sponsors is received and the stakeholders are identified.
Planning: In the planning stage, the goals are defined in an elaborate manner and steps to be followed are defined. Potential pitfalls and risks are considered at this stage and the process is planned well in advance.
Execution: The next step is execution. In this step, the plan is executed and each individual plays his/her role to make a significant contribution. While the team members work on deliverables, the project manager works on providing/handling the resources.
Monitoring: This step involves ensuring the project is progressing and stays on track with no deviations. The monitoring process is conducted throughout the process and is a continuous task. It involves measuring variance, evaluating risks, identifying changes, receiving requests and taking appropriate actions towards all of these.
Closing: The final step is closing of the project. In this step, you receive a sign-off from the client after successful delivery of the project.
Integration Management - This involves concepts related to project activities and their management.
Scope Management – It deals with deliverables or products that need to be delivered to the customer/client.
Time Management – This area deals with the concepts of productivity and scheduling.
Cost Management - It deals with budgets.
Quality Management – Focuses on the quality of the end product.
Human Resource Management – Focuses on areas like hiring and training of employees.
Communications Management - deals with the procedures of how a piece of information is to be distributed among the project stakeholders.
Risk Management – Focuses on reducing the chances of project failure.
Procurement Management - deals with equipment management that is required for a project.
Like mentioned earlier, the PMBOK® guide is updated regularly and the latest edition is the 6th edition released in September 2017. According to PMI, the guide is expected to be revised yet again in 2018. The first edition was released in 1996. It was revised in 2000 and released as a second edition. The third edition was released in 2004 with several changes to the previous one. Consequently, the fourth and fifth editions of the PMBOK® guide were published in the year 2008 and 2013.
The major changes are related to Terminology, Knowledge areas, and Leadership. Below is a list of changes made,
As we know, the PMBOK® guide takes a thorough approach to project management. Putting it into effect the practices mentioned in the PMBOK® guide leads to a successful project. It helps streamline processes that project managers are expected to stumble through. It ensures that the project manager is well equipped with all the tools and techniques that come handy at the time of crisis. At any point in the project cycle, one can turn to the Project Management Book of Knowledge for help. It is a full-fledged guide to any and every concept related to the Project Management and promises great results. Changes being made to the guide is a common scenario and mostly a positive aspect since several important things are added regularly. Much thought is put into incorporating such changes which turn out to be very beneficial for the fellow project managers all around the world. Moreover, this guide is useful for every individual working in the field of project management at any point in their career.
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