Project Management Institute (PMI), has announced the next version of the Project Management Body Of Knowledge (PMBOK) Version 7.0 to be released during the last quarter of 2020. So, we can expect it by December 2020 or in the worst scenario by Jan 2021.
As project managers, we are accountable for the success and failure of projects. Till PMBOK Version 5, a project was considered as successful, if it was completed on time, within budget and met the scope. In PMBOK version 6, the definition of success of projects underwent a major change or a paradigm shift. The success criteria got extended to cover the achievement of the business case of the project as well. How can a project manager be accountable for the return on investment within the payback period forecast.
That calls for a shift in focus from time, cost and scope to value. For example, when a change request was raised, the impact analysis used to be around additional time and cost. Now in the changed context, the team is supposed to analyse the impact from the value angle to the project’s ROI.
Though this principle driven approach is new to predictive project management, the whole set of adaptive (agile) project management frameworks were built on the 12 agile principles;
- Our highest priority is to satisfy the customer through early and continuous delivery of valuable software.
- Welcome changing requirements, even late in development. Agile processes harness change for the customer’s competitive advantage.
- Deliver working software frequently, from a couple of weeks to a couple of months, with a preference to the shorter timescale.
- Business people and developers must work together daily throughout the project.
- Build projects around motivated individuals. Give them the environment and support they need, and trust them to get the job done.
- The most efficient and effective method of conveying information to and within a development team is face-to-face conversation.
- Working software is the primary measure of progress.
- Agile processes promote sustainable development. The sponsors, developers, and users should be able to maintain a constant pace indefinitely.
- Continuous attention to technical excellence and good design enhances agility.
- Simplicity–the art of maximizing the amount of work not done–is essential.
- The best architectures, requirements, and designs emerge from self-organizing teams.
- At regular intervals, the team reflects on how to become more effective, then tunes and adjusts its behavior accordingly.
Reference Agile Manifesto
We need an environment of commitment , courage , focus, open (transparent) and respect.
Since PMI’s 12 principles for PMBOK 7 is not yet published, I do not want to speculate on that, and at the same time I am sure that it will imbibe the purpose and spirit of the agile principles and values. This is substantiated by the fact that PMBOK 7 is the amalgamation of the traditional project management (waterfall) with Agile project management best practices (APM). Will update you with the PMI’s 12 project management principles, as and when they are published by PMI.
Here is the architecture of PMBOK V7
PMBOK V7 will continue providing us with the project management best practices and documents as covered by the project management lexicon. This contains best practices pertaining to traditional project management, agile project management. Combination of these form the hybrid project management. Each project is required to tailor these to suit their specific project management needs and must adhere to the project management principles. While tailoring, one can decide whether the tailoring must adhere to traditional, agile or hybrid.
Independent Product & Project Management Domain Specialist
Founder director at Wrench Academy