You will find a more current article on PM Methodologies and Standards here: 7 Facts on Project Management Methodologies and Standards I have decided to do a series of postings about Project Management methodologies and Project Management best practices.. The Project Management Book of Knowledge provides just that framework and is an invaluable tool for experienced and burgeoning project managers alike. "A Guide to the Project Management Body of Knowledge (PMBOK. The Guide is a document resulting from work overseen by … Simply copy it to the References page as is. To make matters worse, the Project Management Institute’s Project Management Body of Knowledge (PMBOK) is a very structured, analytical outline of a somewhat abstract topic. PMBOK is valuable for both companies and employees. When a Project Manager is familiar with PMBOK standards then it assures that he/she can custom tailor the project management process to best suit their organization’s need. The PMBOK® Guide–Sixth Edition – PMI’s flagship publication has been updated to reflect the latest good practices in project management. A Guide to the Project Management Body of Knowledge, or in short ‘PMBOK’ is the project management standard for the PMP and CAPM exams, brought out by PMI, the Project Management Institute. 2000 -PMBOK Guide, 2000 Edition is released. ISO followed suit back in 2012 and continues to update its standards based on PMBOK. While the project team can implement approved changes, only the change control board can approve or reject these changes. A Guide to the Project Management Body of Knowledge (PMBOK ® Guide) is PMI’s flagship publication and is a fundamental resource for effective project management in any industry. GAPPS,Global Alliance for Project Performance Standards – an open source standard describing COMPETENCIES for project and program managers. It's crucial to authorize and establish the PM early as project managers often have accountability but little authority. If you can grasp all these knowledge areas, you'll have everything you need to know as a project manager covered! Procurement - It supports all your procurement and supplier work from planning what you need to buy, to going through the tendering and purchasing process to managing the work of the supplier and closing the contract when the project is finished. Project procurement management means administering all of the planning and execution of hiring personnel, purchasing materials, creating statements of work with contractors, etc. August 2009 - Test changes to be based on Fourth Edition. Project Stakeholder Management: Anybody who will be affected by a project is a stakeholder. Which areas needed improvement, and how will they be optimized in the future? The big activity in this knowledge area is preparing your budget which includes working out how much each task is going to cost and then determining your project's overall budget forecast. If you’ve ever worked on a team tasked with a goal of completing a project within a set timeframe, you’ve witnessed the importance of effective project management. Find out more about them here. Human resources - First, you have to understand what resources you need to be able to complete your project, then you put your team together. In fact, it's likely as not that you won't). Project quality management safeguards against subpar deliverables by establishing quality standards at each step of the project. Stakeholder management - It is one of the most important group which takes you through the journey of identifying stakeholders, understanding their role and needs in the project and ensuring that you can deliver those. Project Management Institute (PMI) releases a new version of the PMBOK guide every 4 to 5 years to be compliant with the changes in project management trends and practices. A Guide to the Project Management Body of Knowledge (PMBOK Guide) – Fifth Edition (2013). The Project Management Institute sets standards that shape our craft and our work every day. It is important to remember that qu… The origins of the PMBOK® Guide reach back to 1983 and the Report of the PMI Ethics, Standards, and Accreditation (ESA) Project. This process group also addresses a more narrow clarification of all project goals and expectations and puts in place the project infrastructure necessary to achieve those goals according to the timeline and budgetary constraints. 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