The Project Management Book of Knowledge or PMBOK 2004 contains the essential
principles, processes and knowledge for the successful implementation and management
of any project.  The PMBOK 2004 also includes several proven best practices that are
widely used by different industries and disciplines.  With valuable contributions from
certified members, the PMI reintroduced the PMBOK 2000 second edition.  PMBOK
2004 was released and supersedes the PMBOK 2000 second edition guide to project

The PMBOK 2004 guide aims to identify the generally recognized good practices of
project and program management applicable to all fields of study and industry from the
IT to construction. Exhaustive studies and explanations are excluded and only the
knowledge and practices that are applicable to most projects most of the time are
included in the discussion.  These principles, practices and processes have been proven to
be accepted and recognized by the different industries and will increase the chances of a
successful implementation of a project.  The PMBOK 2004 identifies the project
management team as the one responsible for the implementation of a project and
identifying what is appropriate for it.

The PMBOK 2004 guide provides a foundation for basic reference and is recommended
reading for individuals wishing to take the Certified Associate in Project Management
(CAPM), the Project Management Professional (PMP), and the Program Management
Professional (PgMP) exam certification, the Project Management education and training,
and other accreditation programs in project management.  The PMBOK 2004 guide is
also recommended reading for Senior Executives and Managers, Project/Program
Managers, Stakeholders, Consultants, Educators, Trainers, Project Team Members, and
any other individual involved in project management.

The PMBOK is a must-have for every project manager. It contains all knowledge which server as precursors to proper management of various projects.

The PMBOK lifecycle is actually made up of five important steps towards effective project management.

First step – Initiating
Initiating involves the project manager himself and him solely. In this step, he begins to authorize the start of a project and proceeds on to commit himself and his team into accomplishing it. Initiating is what fires off the entire project management process.

Second step – Planning
Planning serves as the framework of the entire project. This defines the scope and the objectives to which the project should operate. This is also where a strict schedule is organized and deadlines would have to be included to assure that everything is done in a timely manner. This is usually done amongst the project manager and the entire team so that proper brainstorming can take place.

Third step – Executing
Executing is doing the project. This is where the first two steps come to life. However, quality assurance is key so that even though tight deadlines must be met, the team need not compromise the results of their hard work.

Fourth step – Monitoring and Controlling
In here, stakeholders as well as sponsors also had to be included in these because other issues such as budget allocations and additional measures may come up from time to time, depending on the project owners.The project manager and the team also has to consult these people prior to going about the whole process.

Fifth step – Closing
This is not just ending the project but moreover, closing it by finalizing everything properly. This ensures that everything has been done according to plan without leaving anything unsettled.


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