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| Name | PMBOK 7th Edition What is Changing? |
| Video Uploader | Video From Master of Project Academy |
| Upload Date | This Video Uploaded At 20-02-2020 12:59:40 |
| Video Discription | Read more at https://blog.masterofproject.com/pmbok-7th-edition/ --- If you would ask me to summarize what is changing in PMBOK Seventh Edition in one sentence, I would say PMBOK 7th Edition will be based on principles rather than processes and it will be much shorter than the current edition. Depending on the project characteristics, industry, requirements of the stakeholders and organization, project managers tend to apply different approaches when delivering projects. These approaches can be predictive, agile, hybrid or waterfall. The important point is, project management standards must not be favoring one approach on another. Project management standards must focus on successful project and value delivery. Principle vs Process-Based Project Management In PMBOK Seventh edition, project management standards will be principle-based rather than processes. There are PMBOK knowledge areas in current and previous PMBOKs and each knowledge area has processes, inputs, tools, techniques, and outputs. These processes will not be available in PMBOK 7th Edition. There will be principles that are generally accepted and practiced in project management. While current and previous PMBOK editions were focusing on deliverables, evolving project dynamics focus on overall project outcomes and new PMBOK will focus on outcomes rather than deliverables. This does not mean that process-based approaches are not relevant or useful anymore. Many organizations and project management practitioners continue to use conventional project management delivery methods. Conventional approaches remain relevant in the context of PMBOK 7th Edition as well. In PMBOK 7th Edition, projects do not only produce products or deliverables. Projects deliver outcomes and these outcomes bring value to the organization and its stakeholders. Visual Summary of PMBOK 7th Edition Changes Based on PMBOK 7th Edition exposure draft and PMI announcement following are the changes from PMBOK 6th Edition to PMBOK 7th Edition. There are three introduction chapters in PMBOK and then 10 knowledge areas in PMBOK 6th Edition. In PMBOK 7th Edition, instead of knowledge areas, there will be performance domains. There will be Tailoring, Models, Methods and Artifacts chapters as well. PMBOK 6th Edition has five project management process groups: initiating, planning, executing, monitoring & controlling and closing. These are referred to as the five stages of a project lifecycle as well. For each knowledge area, there are processes belonging to these process groups. For instance, the estimate costs process is a process belonging to the planning process group and cost management knowledge area. In PMBOK 7th edition, there will be a shift from the process-based approach to the principle-based approach. There will be 12 Project Delivery Principles and a Value Delivery System. The Value Delivery System will focus on delivering valuable outcomes rather than deliverables. Projects are fundamental components of the Value Delivery System and principles will guide the Project Managers, Team Members and stakeholders on how to achieve intended outcomes to deliver value to the organization and stakeholders. Value Delivery System Value Delivery System Value Delivery System The figure above shows the “Value Delivery System” approach coming with PMBOK 7th Edition. Based on this system, strategies, missions or objectives of an organization decides the next portfolios or investments. Portfolios can include sub-portfolios, programs or projects. To ensure the objectives of the portfolios, program and project delivery must reach its intended targets. Based on the outcomes of the projects, business impacts are analyzed and portfolios are reviewed or adjusted for future steps. Once the projects are delivered successfully, expected business values must be earned to the organization as well. This is called “Business Value Realization”. Based on the realized business values and outcomes of the delivered projects, organizations derive their strategy to initiate new portfolios. kQ8jSjS28Lk |
| Category | Education |
| Tags | pmp | agile | scrum | itil foundation | capm | ccna | cisco certifications | pmp study plan | pmp prep | pmp course | pmp application | pmp training | free pmp training | free pmp material |
