It is no hidden secret that most projects are not completed on time, within the scope of engagement or inside the allocated budget. In fact, a study by PwC, which went into researching 10,640 projects from 200 companies in 30 countries and across different industries, found that only 2.5% of the companies successfully completed 100% of their projects.
High Cost of Project Failures
The cost of project failures is too high to be ignored and it is precisely here that the professional certifications like the Project Management Professional (PMP) are coming to the rescue of companies, large or small.
What is PMP?
PMP is a globally recognized certification offered by the Project Management Institute (PMI). PMP is fast becoming a de facto standard for companies to recruit new Project Managers or train their existing managers on. By successfully completing the PMP training, a Project Manager establishes his/her abilities to manage large and complex projects.
Project Management Body of Knowledge (PMBOK) Guide
The PMBOK is a reference guide for PMP students first published in 1966 and which continues to remain the go-to document to prepare for the PMP certification examination. The most recent version of the guide is the PMBOK sixth edition, released in September 2017. One of the most noticeable change in “A Guide to the Project Management Body of Knowledge” PMBOK Guide sixth edition will be the integration of content around Agile.
In this guide, you will continue to find a mention of traditional approaches along with some of the best practices of Agile which are derived after consultation with Agile Alliance. From predictive or waterfall model to learning cutting-edge agile methodologies, the Project Managers of tomorrow will be adept to deliver the best results in any project scenarios. The guide is developed by active Project Managers and various other subject matter experts and then in the end reviewed by the project management community before it is released.
When you order the PMBOK Guide you will also get a complimentary copy of the Agile Practice Guide. This guide is available to download in English and 11 additional languages.
Come 2018 and the PMP exam is expected to get some changes based on this newest version of the PMBOK guide.
Expected Changes in PMP Exam of 2018
You can expect the following changes in the 2018 PMP exam based on the revised PMBOK guide:
- Renaming of Knowledge Areas – Knowledge Areas have been renamed to clearly point out which areas can be managed and which are unmanageable. For instance, Human Resource Management has been renamed as Resource Management and Time Management will not be called Schedule Management
- Inclusion of a New Chapter – Addition of a new chapter to clearly outline the role of a Project Manager is intended to help PMs lead projects efficiently and outlines their desired competencies, skills, and experience.
- Knowledge Areas Restructuring – There will be four new sections that will be added to the Knowledge Areas. These include: Key Concepts, Tailoring Considerations, Trends and Emerging Practices, and Consideration for Agile/Adaptive Environments.
- Process Deletion – You can expect the Close Procurements process to be shelved. The related functionalities will find its way into the Close Project or Phase process.
It needs to be noted that these changes will come into effect from the first quarter of 2018. However, there is no announcement yet from the Project Management Institute (PMI) regarding the exact date from which these changes will come into effect. If you are planning to take the PMP exam prior to Q1 2018 you will be receiving the current version of the exam i.e. the one based on the fifth edition of the PMBOK guide.
The PMP certification is a step in the right direction for you to advance your career in the field of Project Management and come across as an ideal recruit for organizations looking for certified Project Managers. Keep the above changes in mind and give a winning start to your career.