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Imperative to Project Management – Stakeholder Management

Project Manager PrStakeholder Managementofessionals around the globe have been waiting for the release of the PMBOK5. Professionals who want to be accredited, need to pass the new test to be certified. This is important should they wish to remain relevant. The processes of the project management tree remain the same, as it forms the backbone of any project management process flow. The process groups are the Initiating Process Group, Planning Process Group, Executing Process Group, Monitoring and Controlling Process Group and the Closing Process Group.

What are the important changes to PMBOK5?

The process flow is integral to the smooth running of every process and has been fine-tuned for professionals to implement the project management methodologies. It is important in any project that any little detail is taken care of, as it could affect the outcome, time management and budget. Poorly planned projects have cost companies and governments millions. Therefore, the implementation of clear projects are integral to the success anything that requires a process flow. Instead of keeping man ledgers and physical flowcharts, PMBOK5 makes it easier for the professional project manager to streamline the deliverables. The program will also highlight areas of concern.

The release of the PMBOK5 is set to take all the guesswork out of project management. With its release in 2013, it is a great enhancement on the PMBOK4 that was released five years prior. The world of project management has forever been changed by the very first edition. However, the 5th edition is giving those in teams the ability to manage projects from beginning to end.

The introduction of a new knowledge area, stakeholder management is integral to any project management plan. This enhancement alone is worth the package as the stakeholders play a large part in any project. The allocation of their funds, activities and decisions directly influence any of the plans. Focus areas for individual stakeholders and grouped areas can now be allocated. Management of the stakeholders with their individual planning also needs to be taken into consideration. PMBOK5 has broken these down into the following areas: Identify Stakeholders, Plan Stakeholder Management, Manage Stakeholder Engagement and Control Stakeholder Engagement.

The additional functionalities now include the following: Plan Schedule Management in the time management area, Plan Cost Management in Cost Management, Plan HR Management in HR Management. Communication Management has been simplified and streamlined, as well as Risk Management. The combination of these aspects makes PMBOK5 a sought after project management tool.