All you wanted to know about the latest changes in PMBOK 5

• 04, 11, 2014
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•  PMP Training
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The Project management Institute has released a new version of the PMBOK Guide in January 2013. Owing to the same, there have been some changes and inclusion in the current set of topic areas in PMI related certification exams. The major changes incorporated in this version are as follows:

• The knowledge area has been increased where Project Stakeholder Management has been added newly.
• The process groups remain unaltered, though five more processes have been added.
• Changes have been incorporated in Input, Output and other tools and techniques.

The changes made in fifth edition of PMBOK Guide® can be grouped in three categories, which are as follows:

• Harmonization
• Additions
• Reorganizations

The additions in the processes are as follows:

• Plan Cost Management
• Plan Stakeholder Management
• Control Stakeholders Engagement
• Plan Scope Management
• Plan Schedule/Time Management

The scope management includes planning, definition, project change control, work structure, project plan development, etc. Cost and time management will help to develop and calculate schedules for a project. Control Stakeholders will help to select appropriate type of contracts for the projects.

One of the best ways to get acquainted with the latest updated guidelines and to learn to manage a project effectively is by opting for Certified Training in PMP. Most importantly, candidates can get acquainted with the required knowledge and skills, and learn to apply the concepts to real life through training from a reputed PMP® training institute in Noida.

Final Structure of Process Groups and Project Management Knowledge Areas-

Five process groups:

The 5 project management processes instituted by PMI are as follows:

1. Initiating Process Group
2. Planning Process Group
3. Executing Process Group
4. Monitoring and Control Process Group
5. Closing Process Group

Each process gives an outline on how to begin a project; manage resources; make an estimation of skills required; planning period, and execution.

 10 Project Management Knowledge Areas

The ten project management knowledge areas are as follows:

1. Manage Project Integration
2. Manage Project Scope
3. Manage Project Time
4. Manage Project Cost
5. Manage Project Quality
6. Manage Project Human Resources
7. Manage Project Communication
8. Manage Project Risk
9. Manage Project Procurement
10. Manage Project Stakeholder

 Prerequisites

There are 3 prerequisites to appear for PMP certification

• Candidate should be a graduate
• Candidate should have 3 years of project management experience
• Should have completed 35 PDU’s Training with REP of PMI.

 Comparison between PMBOK 4 & PMBOK 5