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| PMBOK ® Guide Fourth Edition Changes
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Location: Blogs How do projects really save time, cost, and your professional reputation? |
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| Posted by: Rosemary Hossenlopp |
4/14/2008 |
The PMBOK® Guide is the Knowledge Standard for global Project Managers. It is published by Project Management Institute - PMI®. The upcoming edition has changes that will impact the Project Management Professional PMP® certification. Listen for key changes that impact global project management team members.
Cynthia Stackpole, PM for the PMBOK Guide Fourth Edition, explains what has changed and how it impacts the project management profession.
Key changes to the PMI ® standard include:
• Changes to Processes; naming, additions, deletions, and consolidations
• Clarification on Project Management Plan vs. Project Documents
• Communicating what belongs in either the Project Charter or the Scope Statement
• Context help with Flow Charts
• Content on Interpersonal Skills
• Change requests, EEF and OPA's oh my! So they added examples.
Click Below to Play the Inteview with Cindi Stackpole
http://www.pm-perspectives.com/pmbokguide/
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| Copyright ©2008 Rosemary Hossenlopp |
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Re: PMBOK ® Guide Fourth Edition Changes - Earned Value |
By 311867 on
5/1/2008 |
In our beloved Earned Value world, given 4 ways to calculate the Estimate At Completion Forecast:
EAC = AC + ETC
EAC = AC + BAC – EV
EAC = (AC + (BAC-EV)/CPI)
EAC = BAC / CPI (Not in PMBOK)
In what scenarios are each of the above calculations best used? Is there an order of optimistic to pessimistic? Thank you!
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Re: PMBOK ® Guide Fourth Edition Changes |
By Rosemary Hossenlopp on
5/13/2008 |
Great Question!
EAC = AC + ETC
Explanation: Estimate at Completion = Actual Cost + Estimate to Complete
Rationale: The project has flawed estimates and there are significant variances. This formula assumes that the project team creates a new ETC forecast from detailed replanning meeting and adds this new estimate of what it will take to finish the project to what the project has already spent. Don’t use this formula if variances are typical as this EAC calculation takes the most project time.
EAC = AC + BAC – EV
Explanation: Estimate at Completion = Actual Cost + Budget at Completion – Earned Value ( e.g., Work actually accomplished)
Rationale: The project variances early in the project are assumed to be atypical variances and will not continue in future periods. This formula only accounts for the over or under spending in the early part of the project and assumes that the spending for the rest of the project will be on-target with the original assumptions.
EAC = (AC + (BAC-EV)/CPI)
Explanation: (Actual Cost + (Budget at Completion – Earned Value)/Cost Performance Index.
Rationale: The project variances early in the project are assumed to be typical variances that will continue in future periods. So the balance of the project spending is adjusted up or down based upon the CPI for the project variances to date. The project manager needs to justify why or why not they believe the original assumptions just need to be adjusted vs. a significant replanning effort begun. The control limits for project spending provides guidance here on what is an acceptable variance vs. what is acceptable. If it is an unacceptable variance, the project needs to use EAC = AC + ETC instead.
EAC = BAC / CPI
Explanation: Budget at Completion/Cost Performance Index.
Rationale: This is a quick and easy formula but it isn’t in the PMBOK. Why? Well, since you are already doing Earned Value Management in a tool or a spreadsheet, some of the other formula’s are more accurate and as easy to calculate. In addition, this formula makes a lot of simplifying assumptions. But it has its' use as a quick and dirty look that is easily explainable to others. The key question is whether it actually reflects what the future may be.
Enjoy studying for the PMP or on your project adventures! |
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Re: PMBOK ® Guide Fourth Edition Changes |
By maziar khorram on
7/22/2009 |
Thanks but the 3rd edition was about 400 pages and the new 4th edition in 275 pages!
Are all the changes occurs, are the items listed above?
Hi Maziar,
Cyndi captured only the major changes - refer the PMI site for a complete list of changes. You can download your free copy if you are a PMI member.
Rosemary |
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Re: PMBOK ® Guide Fourth Edition Changes |
By ozer on
7/22/2009 |
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