What’s New in PMBOK Guide, 5th Edition

Are you ready for the newest guide to the Project Management Body of Knowledge? PMI is poised to release the new version of the PMBOK Guide before the end of 2012.

I have highlighted what’s new in PMBOK5 compare with PMBOK4 below:
Total numbers of process in PMBOK4 are 42.
Total numbers of process in PMBOK5 are 47, the Project Stakeholder Management knowledge area has been added newly.

How to monitor and control projects

Monitoring and Controlling is the largest and continuous part of the project management. It keeps eye on everything that’s happing in/out of the project and adjusts as needed.  
A good project manager is constantly monitoring every single thing happing in the project. If you find the problem latter it’s hard and more expensive to solve it.
The below practices need to be followed by a project manager for an effective monitor and control of the project:

Negative Stakeholder Management

There are positive and negative stakeholders in every project (according to PMBOK). Positive ones will benefit from project implementation, for example their work will become more effective, more automated, easier, and more fun. At the same time negative stakeholders will have problems once the project is implemented. For example, they will be fired because their job will be done by new software.

Manage changes in your project

Perform Integrated change control is the process of reviewing all change requests, approving changes, managing the changes to the deliverables, organizational process assets (OPA), project management and project management plan.

Project Management Office (PMO)

PMO definition as per PMP:

A PMO is an organized body or entity assigned various responsibilities related to the centralized and coordinated management of those projects under its domain.

Why you need PMO?

Create Work Breakdown Structure (WBS)

Create WBS (Work Breakdown Structure) is the process of subdividing project deliverables and project work into smaller, more manageable components.

The Create WBS process is part of the Project Scope Management knowledge area in the PMP.

Inter personal skills of Project Manager

The “Interpersonal skills” also known as “Soft Skills” of the project manager make big difference in the project to build the team to improving the competencies, team interaction, and team environment and to achieve the goal of the project.

Inter personal is the important tool in the “Develop Project Team” process in the “Project Human Resource Management” knowledge area as per PMP.

Stakeholder Management

A stakeholder is anyone who is affected either positively or negatively by the cost, time, scope, resources, quality, or risks of your project.

Risk Management

Risk is the net negative impact of the exercise of a vulnerability, considering both the probability

and the impact of occurrence.

Risk management is the process of identifying risk, assessing risk, and taking steps to reduce risk to an acceptable level.

Not all the risks are negative. Some events (like finding an easier way to do an activity) or conditions (like lower prices for certain materials) can help your project! When this happens, we call it an opportunity… but it’s still handled just like a risk.

As per PMP the project risk management process are:

Conflict management

While no single definition of conflict exists, most definitions seem to involve the following factors:

That there are at least two independent groups, the groups perceive some incompatibility between themselves.

It’s probably no surprise that over half of conflicts come from priorities, schedules, and people. That’s why so many of the processes are focused on preventing conflicts.

Ground rules, good planning practices, and pretty much anything that has to do with communication are all there to prevent the most common reasons that conflicts happen.

Project Charter

The project charter is the document that formally authorizes a project. The project charter provides the project manager with the authority to apply organizational resources to project activities. A project manager is identified and assigned as early in the project as is feasible. The project manager should always be assigned prior to the start of planning (if possible) and preferably while the project charter is being developed.

The project charter officially sanctions the project. Without a charter, the project cannot begin.

Project Statement of Work (SOW)

Project Statement of Work (SOW)

The project statement of work (SOW) is a description of products or services to be delivered by project.

Types of SOW:

Internal Project - The project sponsor or initiator provides the SOW based on the business need.

External Project – The customer provides the SOW as part of bid process.

RACI Chart

RACI chart is used as tools and techniques in “Develop Human Resource Management Plan” process which is part of Project Human Resource Management knowledge area and Initiating process group.

R.A.C.I = Responsible.Accountable.Consulted.Informed

SWOT Analysis

SWOT analysis:

SWOT analysis tool used in “Identify Risk” process of “Project Risk Management” knowledge area and “Planning” process group by PMP.

This tool is required to make sure all the possible risks are identified and included in the “Risk Register”.

SWOT analysis lets you analyze Strengths, Weaknesses, Opportunities, and Threats.

First start by brainstorming strengths and weaknesses, and then validate the strengths to find opportunities, and look at the weaknesses to come up with threats to the project.

Team Building

People working together can sustain the enthusiasm and lend support needed to complete the project.

Teams succeed when members have:

·         Commitment to common objectives;

·         Defined roles and responsibilities;

·         Effective decision systems, communication and work procedures;

·         Good personal relationships.

T.E.A.M = Together Everyone Achieves More.