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PMP Certification Exam Tips, Guides, Latest News And More...

Some Facts About PMBOK 5th Edition

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Procedure For PMBOK Change

PMBOK Guide is a standard on project management that is issued by PMI after every four

Project Management Institute PMBOK 5th Edition

 

years. The existing PMBOK 4th Edition was issued in December 2008, and thus PMBOK 5th Edition will be issued during December 2012. It is created through a development process that involves voluntary consent. This practice gathers volunteers, who have a thorough perception concerning the issues included in the document, and obtain their professional opinion. The review period was expected to be completed by May 2011. The volunteers are members of the reviewer committee, and responsible for upgrading the PMBOK Guide. They are also responsible for reliability, and excellence of the standard. Other fields of responsibility comprise the under mentioned aspects:

  • conduct an objective appraisal of the preliminary version of PMBOK 5th Edition,  before its release.
  • evaluate the allocated section of PMBOK Guide draft, and suggest opinion utilizing  appraisal tools.

  • may also examine and offer observations for other sections of the PMBOK Guide.

Why PMBOK is Important?

PMBOK is a project management body of knowledge, which includes the methodology and best practices used for project management. Project managers frequently refer this guide as a useful tool, to ensure the successful execution, and monitoring of a large range of projects. PMBOK is also used for preparing for the PMP exam. Since the best practices, and tools used for project management are changing and improving, there is a need to update the standard accordingly.

What Changes in PMBOK are to Come?

The PMBOK 5th edition is expected to offer more clarity regarding different features of the project management best practices. For example, the term change request has been used frequently in the existing edition, while in the 5th edition, the term has been clarified, and will also comprise corrective actions, preventive actions, and defect repair.

Probably, the most important difference between the 4th and 5th editions of the publication is the adding, and removal of several processes. Another significant addition is the inclusion of the list interpersonal skills that are needed for the successful management of projects. Furthermore, the flow charts have been made simpler for the reader.

Validity of PMBOK Guide 4th Edition

The existing PMBOK 4th Edition is expected to be the current standard for the PMP exam till June 2013, after which the PMBOK 5th Edition is likely to be used for the future PMP exams.

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How To Manage PMP Certification Exam Changes On 31 August 2011

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Why Changes In The PMP Exam?

After the lapse of 5-7 years, PMI conducts a Role Delineation Study to verify the roles and

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 responsibilities of the current project managers. The conclusions of the study are used for updating the PMP exam. Thus, PMI ensures that the role of project managers is truly reflected in the PMP exam prep. Since the project manager roles are changing, it is imperative that the exam will also incorporate the changes.

How To Manage The Changes

No Changes

There is no change in the under mentioned aspects of the PMP certification course:

•  There will be no change In PMBOK Guide, which will remain to be 4th edition. This will reduce the apprehension amongst the trainees to a great extent, since the 5th edition is scheduled to be released not before end 2012. This implies that the PMP exam will remain basically based on the 4th edition till beginning 2013. Thus, any one planning to appear in the PMP exam after 31 August 2011 may continue to study PMBOK Guide 4th edition, till it is revised in 2012.

•  The layout of the exam will not change, and will remain computer based, with 4 hours to solve two hundred multiple choice questions.

•  The Score Report will not change. Therefore, the passing criteria will continue to be the same.

•  The eligibility criteria for appearing in the exam will not change.

Changes

The Code of Ethics and Professional Conduct domain, which is now a separate section, and tested independently, will in future be integrated with the other process groups, namely Initiating, Planning, Execution, Monitoring and Controlling, and Closing. For example, exam questions will inquire the ethical issues during the process of procurement, combine social liability with management of team, and may ascertain the professional ethics in a status report. As intimated by PMI, 30% of the PMP exam will be changed. There is nut much worry, since the basic book will not change. A student will be required to read the same study material, as before. However, the student should be a little more careful while reading the question, and think if the question pertains to the aspects of social responsibility, or the process and knowledge area concerned. If pertaining to the social domain, then the student must think what actions would normally be taken in a truthful project environment, and answer accordingly.


 

PMP Certification Exam Changes On 31 August 2011

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All those who intend to appear in the PMP exam after 31 August 2011 should understand the following:

•   PMI initiated the process of Role Delineation Study (RDS) that has been completed. The aim of this study was updating of the PMP exam process.

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Summary of PMBOK Guide For PMP Certification Exam

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Knowledge Areas

The Project Management Body of Knowledge, generally known as PMBOK, deals with nine fundamental subjects for the project management. These are:

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Understanding EVM (Earned Value Management) Formulas

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Philosophy of EVM

What is EVM. Earned value management is a valuable technique that permits the project and program managers to effectively monitor schedule, cost, and technical project progress by the use of EVM formulas. The earned value management implementation is a highly professional function of project management. It ensures that schedule, cost, and technical features are strictly integrated. EVM has the distinctive capability to combine scope of schedule performance, cost performance, and technological operations in a sole integrated system. EVM provides an advance caution of performance issues, allowing for timely remedial measures.

Performance Forecast

All project activities should essentially earn some value, with the completion of project work. The earned value, attained by the completion of activities, is compared with the planned and actual costs to determine the performance of the project. The forthcoming trends of the performance can then be forecasted accurately. Physical progress is calculated in units of applicable currency, and then cost and schedule performance are evaluated in the similar units.

EVM Formulas, How to Understand?

The following are EVM formulas. For EVM formulas description, read the article Definition of EVM formulas.

SV      =    EV – PV                        + ve good

EVM Earned Value

 

CV      =   EV – AC                        + ve good

SPI     =   EV/PV                          greater than 1 is good

CPI     =     EV/AC                          greater than 1 is good

EAC    = AC + BAC – EV              budgeted, atypical, no variation in future

EAC    = BAC/CCPI                      no variation in BAC, same rate spending

EAC    =     AC + (BAC-EV)/CCPI       typical, same variation in future

TCPI =     (BAC – EV)/(BAC-AC)      must meet BAC

TCP I =     (BAC – EV)/(EAC-AC)      not meet BAC, CPI decreased

VAC  =      BAC - EAC

ETC    =      EAC – AC 

% Complete =      EV/BAC

EV     =     Total months completed / Total months project  x  Total cost

PV     =     Planned % complete      x        Project budget

EV     =     Actual % complete         x        Project budget

Conclusion

Implementation of EVM in difficult and large projects include several features, indicators, and forecasts that assists to keep track of the progress with relation to the plan, and assists in timely corrective and preventive actions. However, the main function of an EVM system is its capability to measure progress by the use of EV and EV. Earned value management (EVM) measures progress objectively. Several books are available to learn more about the application of EVM formulas, and what is EVM.

Also Read:

Definition of EVM formulas.

 


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