Lean a set of principles, concepts and techniques designed for the. Pmp pmbok 5th edition chapter7 project cost management. Adapt update the schedule project schedule baseline schedule variance report schedule updates inputs. Between the beginning and end points, the project can be divided into four phases. Oct 31, 2015 what is new changes in a guide to the project management body of knowledge, pmbok guide sixth edition. The scope baseline provides the project and product definition. Apr 22, 2012 there is much debate over when, and even if, its appropriate to rebaseline a project. Manual techniques are often more effective on smaller projects and in the early phases of. The pmbok guide is published by the pmi and stands for project management body of knowledge. It is the unexpected indirect benefits that organizations obtain from practicing project management that often help project managers persuade executives to invest in projects.
What pmbok tells us is that if we impose changes to the baselines which means revision to the baseline, should only show the changes from the current time forward. Mar 12, 2020 the latest edition of the best selling bible of project management, project management, 11th edition maintains the streamlined approach of the prior editions. A guide to the project management body of knowledge pmbok guide 2000 edition. Decomposition is an important technique used in wbs creation scope management and definition of activities time management. Sv ev pv a measure of schedule performance expressed as the difference. If you head up a project management office pmo, or you are a project manager, scheduling professional, a team member or someone. In scope management, project deliverables are subdivided into smaller and more manageable components until the work and deliverables are defined to the work. You will find relevant details on exam syllabus, guides, tips as well as exam reference questions. A guide to the project management body of knowledge. Create new baseline in the middle of project rebaseline. The pmbok is more of a point of reference than a good read on project management.
If there is an eventual change to the schedule baseline, then that will generate a new project schedule. This edition is closely aligned with pmi s project management body of knowledge pmbok, fifth edition. The schedule baseline is used to assess the impact of the changes in the project schedule. The project schedule should reflect all of the work associated with delivering the project on time. The reference in the pmbok guide to the schedule management plan includes only a brief comment about the planning effort noting, this planning effort is part of the develop project management plan process section 4. How pmbok guide and ms project align to help you manage. The project schedule is the tool that communicates what work needs to be performed, which resources of the organization will perform the work and the timeframes in. Baseline schedule the baseline schedule whether project schedule or ims is the first complete, agreed upon schedule approved for capture or copy for future reference. Expert judgment is a term that refers a specifically to a technique in which judgment is made based upon a specific set of criteria andor expertise that has been acquired in a specific knowledge area, or product area, a particular discipline, an industry, etc. Chapter 3 project management body of knowledge 21 3. Apr 27, 2020 the project planning process group activities define how you will approach project planning as well. Apr 04, 2008 now, it is turn of project management on decomposition. Schedule baseline is the approved version of a schedule model that can be changed only through formal change control procedures and is used as a basis for comparison to actual results. Pmbok project management body of knowledge an insight.
A guide to the project management body of knowledge pmbok. It is also the platform from which the project is conducted. Pmp exam practice test 1b project scope management. The pmi knew their newly commissioned agile practice guide would likely to clash terms and definitions with existing standards like the business analysis practice guide and. Project schedule is a project document, whereas schedule baseline is a part of the project management plan. We are currently covering the exam topics of project management professional pmp, chartered financial analysts cfa, leed, program manager professional pgmp, real estate salesperson res, certified public accountant cpa and many. This document guides the project manager and project team throughout the process of schedule development and helps them to define and control the project schedule baseline. For the purpose of this blog, ill define rebaselining as actions taken by the project manager, with the customers concurrence, that result in the elimination of previously accumulated earned value cost andor schedule variances. Lets take a closer look at each phase of the project life cycle. Removed bullet for benefits management plan as input for business documents. A guide to the project management body of knowledge pmbok guide fifth edition. Generally refers to the current baseline, but may refer to the original or some other. Verification is a quality assurance process or technique applied by project management whereby an evaluation of a component, product or service is completed at the end of a phase or project to verify or confirm that it satisfies all of the regulations or specification requirements.
Planning is putting together detailed plans baselines of scope, time and cost and management plans. Project schedule is the actual, whereas schedule baseline is the plan. Jun 11, 2012 when to re baseline your project baselining is the act of recording your original project estimates so you can compare them to actual results at a later time. List of useful project management acronyms and terminology. Harold kerzner the bestselling project management text for students and professionalsnow updated and expanded this eleventh edition of the bestselling bible of project management maintains the streamlined. There is much debate over when, and even if, its appropriate to rebaseline a project. The application requires you to document 4500 hours of time working on projects within the last eight years. Being an active pmi member, i was able to download pdf version of the pmbok guide, 6th edition on the same day for free.
The pmi pmbok guidelines project management body of. The project schedule is the tool that communicates what work needs to be performed, which resources of the organization will perform the work and the timeframes in which that work needs to be performed. What is decomposition technique in project management. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
When you talk about being on time, this is what you are comparing your actual. Expert judgement an important tool in project management. Capm, pmbok, pmi a pmp are registered trademarks of the project management. Summary of pmbok scope management brighthub project management. Knowing when to rebaseline your project don mcalisters. The latest edition of the best selling bible of project management, project management, 11th edition maintains the streamlined approach of the prior editions. New content includes measuring project management roi and value to the organization and to customers. Pmi project management model overview pmbok 4th edition 1. Other readers will always be interested in your opinion of the books youve read. Schedule management plan requires thinking proactively before executing the project. All of the project requirements, including scope, quality, cost, schedule etc.
This process requires expert judgement determining what the project will be and what tasks will be involved. While you may have many options to prepare for the pmp, it is always best to ensure that you are prepared by having a plan. Within the pmbok, develop schedule is one of the largest of the 42 processes as it has 9 inputs, 10 tools, and 4 outputs. Baseline management project management for experts. The study guide has a chapter of 50 questions for each performance domain in the eco. Pmp exam preparation test questions, practice test, and. As mentioned above the pmbok project management body of knowledge guide is a standard by pmi project management institute with the purpose of. The pmbok guide sixth edition is expected to be released by 6th of september 2017.
The cost baseline is used to assess the impact of the changes to. Planning and designbase design, cost and schedule, contract terms and con ditions, and. Project schedule and cost baseline procedure guide oetipmp03. The term baseline in project management is typically used with a modifier of some sorts. Mister exam is your onestop portal for all exam resources.
Pmp certification 2020 pmp exam training and boot camp 20. It is compared to actual performance to determine if performance is within acceptable variance thresholds. Project schedule is updated as the project is being executed, whereas schedule baseline is revised only as a result of an approved change request. Pmi, pmbok guide, 20, 123124 rather than use a wbs, your team developed a bill of materials to define the projects work components. Pmi project management model overview pmbok 4th edition. The developed and approved schedule, result of several iterations. Whether youve loved the book or not, if you give your honest and detailed thoughts then people will find new books that are right for them. An important part is to decide if corrective actions are required. Element k is a registered education provider rep for the pmp certification.
The approved version of the schedule model that is used as a basis for comparison to the actual results. Design and development of a schedule management plan smp. Getting the project management professional pmp certification is a twopart process. This knowledge base can be provided by a member of the project team, or multiple. First, there is an application that you need to submit to the project management institute pmi. Successful engagements are those that continually measure themselves against a high standard in realtime as the project is executed. Unfortunately, in many projects, the role of this is barely understood and. Variances from the approved baseline will also be monitored. When to rebaseline your project baselining is the act of recording your original project estimates so you can compare them to actual results at a later time. Pmi pmbok 3rd edition processes mindmeister mind map. Apr 16, 2019 schedule based on reported actuals 481 14.
This guide defines the standards of project management and sets the. A guide to the project management body of knowledge pmbok guide third edition 2004 project management institute, four campus boulevard, newtown square, pa 190733299 usa. The pmbok is considered the definitive text for information about the practice of project management. The project management contains the schedule baseline, used as a reference to compare with the actual results to determine if a change, corrective action, or preventive action is necessary. There is no such thing as a perfectly executed project. Microsoft project and pmbok better together objectives.
Pmis professional credentialing examination development processes stand apart from other project management certification examination development practices. During the executing and the monitoring and controlling phases, project managers frequently engage in replanning activity due to discovery or a change in customer needs. Pmp certification essentials the project management plan. Task 2 develop schedule approach, based on the unique characteristics of the project, including enterprise environmental factors and organizational. A factor in the planning process considered to be true, real, or certain, without proof or. Schedule network analysis critical path method schedule compression whatif scenario analysis critical chain method resource levelling applying calendars adjusting leads and lags schedule model project schedule schedule model data schedule baseline project calendar updates resource requirements updates project management plan updates. The project schedule, at all levels, must be analyzed on an ongoing basis to deal with progress updates, approved change. Pmbok guide, 5th edition, pp 4446 d deliverables is the correct answer.
Project management a systems approach to planning scheduling. Murray woolf defines schedule in the context of project management project schedule as follows in his book faster construction projects. The agreed project schedule model becomes the project baseline. Schedule performance is measured by comparing the actual project schedule vs the baseline. Pmbok standards require that five processes be undertaken with regards to scope management. Plan schedule management is the process of establishing the policies, procedures, and. Baseline dates the original planned start and finish dates for a project or an activity when the schedule was baselined. It is the standard by which performance against the project plan is. The planning process group consists of those processes performed to establish the total scope of the effort, define and refine the objectives. Pmbok guide, 5th edition, pp 1821 b linear is not a project lifecycle defined by pmi.
The goal is to catch areas of low performance and improve them before the projects close. Overview of project management according to pmbok guide 5th. Part 1 a guide to the project management body of knowledge pmbok guide page correction 75, 76 figs 42 and 43. Inputs for the project scope management include the following documents or. The project management life cycle provides a framework for managing any type of project. It involves thinking through several points, including. Influencing the factors that create schedule changes e. Pmis publication a guide to the project management body of knowledge. Etienne cornu, phd, pmp, pmirmp committee vice chair. Schedule management is an ongoing function throughout the project.
Project management acronyms for pmp and capm certification. Baseline costs the amount of money a project or activity was intended to cost when the project plan was baselined. For the purpose of this blog, ill define rebaselining as actions taken by the project. If youve ever tried to read the pmbok guide youve probably discovered that while its informative, its not an easy read. Quality assessment and improvement processes and techniques pmi. It also describes the project management life cycle and its related processes, as well as the project life cycle. A guide to the project management body of knowledge pmbok guide fifth edition provides guidelines for managing individual projects and defines project management related concepts. Eventhough there are dissention in this study case about how cpi calculated but this study case is a good practice how to create new baseline rebaseline concept when bac. The first of these processes is the planning of the projects scope. What is the schedule variance as a percentage of the work accomplished at this point in time. Definitions performance measurement baseline the timephased budget plan against which all work performance is measured over target baseline a new performance measurement baseline resulting from failure to meet the original objectives exceeds the original target costs and requires customer approval over target schedule a revised schedule baseline with new activities and milestones. This paper discusses how the spanish defense ministry sdm realized three unexpected indirect benefits from using earned value management evm to monitor and control consultant and vendor performance on two large. Fully updated to be aligned with the project management body of knowledge pmbok guide, sixth edition, this study guide is structured per the pmp examination content outline eco, 2015 edition, which is the blueprint for the pmp exam. Project schedule vs schedule baseline pmp, pmiacp, capm.
Schedule management plan project management professional. The project management institute pmi offers a professional credential for project schedulers, known as the pmi scheduling professional pmi sp. It is also a good management tool which should, if used properly, provide continuous feedback on the project implementation as well assist in the identification of potential successes and constraints to facilitate timely decisions. Start studying pmbok processes and process groups definitions. The pmbok, or project management body of knowledge, is a compilation of terminology, concepts, and guidelines for project management. How pmbok guide and ms project align to help you manage projects even though ms project was developed to be used with most project management methodologies, project management institutes pmi pmbok methodology is one of the more popular methodologies available. The standard, included in annex a1, describes the project management processes used to manage a project toward a more successful outcome. B quality is defined as the degree to which a set of inherent characteristics fulfill requirements pmbok guide, 6th edition, p. Pmp certification final exam edwel pmp certification final. Organizational planning can direct the management of resources, and support for the. The name pmbok guide or pmbok refers to the book, a guide to the project management body of knowledge, published by the project management institute, inc.
The resulting cost baseline is used to measure the performance of the project throughout the remaining process groups. Each has it own set of obstacles and each has its own areas in which quality suffers. A baseline schedule is the timeline that you start with at the beginning of your project. Office of enterprise technology and innovation project schedule and cost baseline procedure guide oetipmp03 activities fj schedule and cost baseline package is prepared and. Some examples of this are cost baseline, performance measurement baseline, and technical. Key terms consistent with pmi standards and guides 488. Project management glossary terms used by project professional. By definition, a project has a definite beginning and end. This project management knowledge area is known as project schedule management as described in the. List of useful project management acronyms and terminology critical path the longest path through the project. Project planning and scheduling are allied disciplines, but are not the.
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