What is Project Management Institute’s PMBOK?

Project Management Institute Project Management Body of Knowledge (PMBOK AKA) is not a project management methodology in and of itself. While some consider it a project management approach, some consider it something like a reference guide.

The PMI is a non-profit membership association, project management certification, and standards organization;  while this PMBOK is a reference to detail a series of principles that define project management.

Whatever concept you align with, it sets out crucial criteria and sets a standard for all project managers to follow so that no stone is left unturned when preparing and starting product development. 

The 5 Phases of Project Management

There are five process groups that are prevalent in almost every project. They are:

1. Initiation: Identifying the launch of a new project or the new phase of a current project.
2. Planning: where the scope of the project, the goals and how the objectives are to be accomplished.
3. Executing: simply performing the job laid out in the project management strategy.
4. Monitoring and Controlling: When you need to monitor, evaluate and manage progress and efficiency.
5. Closing: Completion of all operations in all Process Groups to officially finish the project or phrase.

The Pros and Cons of PMI:

Advantages

• Very comprehensive: PMBOK takes into account all aspects of the enterprise so far as they deal with the actual project process. Financial forecasting, human resources and strategic planning have all their positions in PMBOK.
• Suitable for big projects: thanks to the systematic structure of PMBOK, it is possible to effectively direct the project manager on the progress of detailed, large-scale projects.

Disadvantage

• Not suitable to small projects: PMBOK is so detailed in design that it is not a perfect option for smaller project teams to work on specific projects that have no impact on other areas of the business.

Who should use it?

Project managers who oversee large-scale programs using a multi-disciplinary approach may benefit from using this specific process.

You may try this method if:

• You’ve earned (or want to have) a PMP.
• You want to keep up-to-date with industry trends and best practice.
• The PMP is a normal project management certification in your area (exp; the USA).

This method may no be for you if:

• You need a strong project management approach to plan the project, rather than basic project management experience.

When should you use it?

PMBOK is best used for large-scale ventures with a lot of capital and human resources invested in them.

References: For more info, visit these websites

https://www.business2community.com/strategy/20-effective-project-management-methodologies-explained-02166494  https://www.teamwork.com/project-management-guide/project-management-methodologies/ https://toggl.com/track/project-management-methodologies/ https://www.smartsheet.com/content-center/best-practices/project-management/project-management-guide/pmi-pmbok-method https://zenkit.com/en/blog/7-popular-project-management-methodologies-and-what-theyre-best-suited-for/#:~:text=According%20to%20the%20Project%20Management,are%20project%20management%20methodologies%20examples.