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Minggu, 07 April 2013

PMBOK® Guide 5th Major Changes



Major Changes in PMBOK5 those coming from PMBOK4


1. New knowledge area
The communications management knowledge area has been split to create the stakeholder management knowledge area. This should have been done for the 4th edition already, but the increasing importance of stakeholder management came a bit late into the minds of those who where responsible.
2. Agile Failure
Although some work has been done on life cycles, the new guide is not suited for agile projects. This may change with the Software Extension to the guide which is currently under review.
3. New concepts
  1. Business Value is completely new , This is explained in chapter 1
  2. Projects can now be terminated prematurely ,This is explained in chapter 3
  3. Risk Management now includes the new terms Risk Appetite, Risk Threshold and Risk Attitude .This is explained in chapter 11
4. Changed concepts
  1. The project manager is not responsible for achieving the project objectives. He is now leading the project team which takes over this responsibility This is explained in chapter 1 …cool
  2. Now it is sufficient to perceive oneself as being affected of a decision, activity or outcome of a project to become a project stakeholder ..This is explained in chapter 2
  3. The project sponsor is now accountable for enabling project success This is explained in chapter 3
5. Maturity
A lot of focus goes on provide alignment with the other PMI standards, explain topics more precisely and include practical advice from project management reality.
6.PMO
PMBOK expanded on the definition of a Project Management Office (PMO). They now stratify it into three possible ways of existing: Supportive, Controlling and Directive.
7.They talk some about different types of project life cycles (waterfall, adaptive/agile). [ Project life cycles expanded ]
8.Other : Apart from the above you can also notice …
  • PMBOK 5th Edition has now 248 pages minus the glossary.
  • 5 new processes have been added (going from 42 to 47 Processes)
  • Direct and Manage Project Execution’ changed to ‘Direct and Manage Project Work’
  • Addition of ‘Plan Scope Management process’
  • ‘Verify Scope’ changed to ‘Validate Scope’
  • Addition of ‘Plan Schedule Management’
  • Addition of ‘Plan Cost Management’
  • ‘Plan Quality’ changed to ‘Plan Quality Management’
  • ‘Perform Quality Control’ changed to ‘Control Quality’
  • ‘Develop Human Resource Plan’ changed to ‘Plan Human Resource Management’
  • ‘Monitor and Control Risks’ changed to ‘Control Risks’
  • ‘Plan Procurements’ changed to ‘Plan Procurement Management’
  • ‘Administer Procurements’ changed to ‘Control Procurements’
  • Addition of ‘Plan Stakeholder Management’
  • ‘Manage Stakeholder Expectations’ changed to ‘Manage Stakeholder Engagement’
  • Addition of ‘Control Stakeholders Engagement’
  • ‘Work performance measurement’ changed to ‘Work performance data’
  • ‘Positive Risks’ changed to ‘opportunity’
So see how this different PMBOK various editions get added with Knowledge area and Process area with time..
PMBOK Summary

Next post will more Focus on StakeHolder Management new area…of PMBOK5..

Comparing PMBOK® Guide 4th Edition, PMBOK® Guide 5th Edition

The major change is related to stakeholder management; the subject group (aka knowledge area) has been introduced by ISO and it appears as well in the new PMBOK® Guide release. The two processes introduced by ISO in this subject group were two processes of the communication knowledge area of the PMBOK® Guide 4th edition.
1 PROCESS ORGANIZATION IN THE STANDARDS
PMPBOK5
Since the PMBOK® Guide 4th came first, we will use the wording “process groups” and “knowledge areas” in this document.
The first noticeable thing is the introduction of a new knowledge area in the DIS and the PMBOK® Guide 5th edition: Stakeholder Management.
pmbok2

PMBOK® 5th Control Communications & Control Stakeholder Management)



MAJOR CHANGES ON PROCESSES, IN A NUTSHELL
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The PMBOK® Guide 5th, compared to its predecessor …
… adds 4 processes to plan the management of knowledge areas
… introduces 2 new controlling processes (Control Communications & Control Stakeholder Management)
… merges 2 processes (Distribute Information and Report Performance) into a revisited process (Manage Communications)
… reallocates 2 processes in the new stakeholder knowledge area
This edition of the PMBOK® Guide details 47 processes.
The PMBOK® Guide 5th edition introduces the following processes:
PMBOk5


The set of processes exposed by the PMBOK® Guide 4th edition is the following:
PMBOK4


Stakeholder Engagement -What’s New in PMBOK 5

Stakeholder Management is one of the fundamental areas of Project Management, and the level of adoption can effectively make or break your Project. The Project Management Institute has taken due cognizance of this and has incorporated ‘Project Stakeholder Management’ as a distinct Knowledge Area in the 5th edition of the PMBOK guide. It contains two processes which were part of the Communications Management knowledge area in the 4th edition and some new processes.
Stakeholder Management are 4 process:
  • Initiating -Identify Stakeholders
  • Planning – Plan Stakeholder Management
  • Executing – Manage Stakeholder Engagement
  • Monitoring & Controling -Control Stakeholder Management
13.1 Identify Stakeholder
This process has been moved from the Communications Management knowledge area without significant changes.
2 Plan Stakeholder Management
As each knowledge area now features a process creating a management plan, so here is the one on stakeholder management.
This process also introduces a new artefact in section 13.2.2.3: The Stakeholders Engagement Assessment Matrix (see Figure 13-7). It maps stakeholders regarding their current and desired levels of engagement into unaware, resistant, neutral, supportive and leading categories.
13.3 Manage Stakeholder Engagement
This is the yet another process that moved from the communications management knowledge area. It’s previous name was Manage Stakeholder Expectations and again, no significant changes were applied.
13.4 Control Stakeholder Engagement
The goal of this new process is to monitor overall stakeholder relationships and adjust strategies and plans for engaging them. So basically another control process without any surprises.

PM Formulas Variance Performance Index Estimate at Completion Percent Complete Present Future Value



PMP Formulas to Remember


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Concept Formula

Cost Variance (CV) CV = EV – AC
Cost Performance Index (CPI) CPI = EV / AC
Schedule Variance (SV) SV = EV – PV
Schedule Performance Index (SPI) SPI = EV / PV
Estimate at Completion (EAC) EAC = BAC / CPI
EAC = BAC / CPI
EAC = AC + BAC – EV
EAC = AC + ((BAC – EV) / CPI)
Estimate to Complete (ETC) ETC = EAC – AC
ETC = BAC – EV
ETC = (BAC – EV) / CPI
Percent Complete Percent Complete = EV / BAC * 100
Variance at Completion (VAC) VAC = BAC – EAC
Earned Value (EV) EV = % complete * BAC
Program Evaluation and Review Technique(PERT) (Pessimistic + (4 * Most Likely) +Optimistic) / 6
Total Float Total Float = LS – ESTotal Float = LF – EF
Present Value (PV) PV = FV / (1+r)^n
Future Value (FV) FV = PV * (1+r)^n

Communication Channels n * (n-1) / 2n – 1
Point of Total Assumption (PTA) PTA = ((Ceiling Price – Target Price) /Buyer’s Share Ratio) + Target Cost
Burn Rate 1/CPI
Expect more than 20 questions on the exam if you know above formulas