Demystifying the PMBOK for Small Business

Despite its exotic-sounding name, you don’t have to go on safari or off to mythical lands to find the PMBOK.

Starting and running a business is an exhilarating venture, filled with trials and opportunities. As a business owner you may have already taken on roles handling everything from marketing and sales to logistics and finance.

Adding in projects to manage over and above the daily business responsibilities can threaten stress overload for an already burdened small business owner. That's where project management, the PMBOK, can be of value.

If you hire a project manager, watch videos and read articles online about managing projects, and participate in online courses about the topic, it’s helpful to have some background on the source of the most reliable information. You may not be in the market for the PMBOK guide itself, but knowing about the tools, techniques, and methods recommended in the PMBOK can be constructive for your business practice.

So What is PMBOK?

PMBOK, which stands for Project Management Body of Knowledge, is a collection of guidelines and best practices for project management. Published by the Project Management Institute (PMI), the PMBOK Guide is currently in its seventh edition, although the sixth edition principles remain in practice as well.

The PMBOK Guide encompasses all aspects of project management, from the beginning of a project to its conclusion. It describes a framework and best practices for managing projects effectively. The sixth edition deconstructed project management into five process groups and ten knowledge areas. It is process-based with steps that continue to serve well for project management. You will often see references to these in articles, books and videos.

The current seventh edition emphasizes a systems approach focusing on value delivery for the business or organization and its stakeholders. It is a holistic approach that recognizes projects are not carried out in isolation. Project managers are encouraged to consider strategy and objectives in decision-making. This systems approach may be particularly interesting to the small business because of this emphasis on delivering value in producing services and products.

Also likely to be especially helpful for small businesses is its increased focus on tailoring project management to the unique needs of each project and its environment. It’s recognized that managing a project is not a one-size-fits-all activity. Methods and practices are based on project size, complexity, and other relevant considerations. Depending on its product line and customer base, a small online business may have highly specialized needs. Digital business owners and creatives who often own or work in small digital businesses must be able to adapt rapidly to changing market conditions and client demands.

The seventh edition of the PMBOK identifies 12 project management principles and eight project performance domains. A performance domain is project management jargon for interrelated activities critical to project outcomes. The project performance domains are: stakeholders, team, development approach and life cycle, planning, project work, delivery, measurement, and uncertainty.

The project management principles are: stewardship, team, stakeholders, value, systems thinking, leadership, tailoring, quality, complexity, risk, adaptability and resiliency, and change.

The PMBOK offers models, methods, and artifacts to support the activities in the performance domains. These tools and best practices can be used to ensure success for projects and your business. “Artifact” is more project management jargon and means documents, templates, and the deliverables or output of a project.

(If you’ve been doing AI art generation, an artifact is one of those pesky spots that appears on an image and needs to be removed in another art program or if you have malfunctioning equipment, an artifact may be what it’s generating, but to a project manager, an artifact is desirable unless someone did it wrong! So it’s always wise to be aware of the differences in jargon across various professions.)

You may be wondering why as a business owner you should even care about a guide that seems tailored to larger corporations. The great thing about the PMBOK is its versatility. Regardless of the size of your business or project the principles outlined in PMBOK can assist you. Small businesses that adopt PMBOK principles can enhance their project management capabilities, improving their chances of success.

Here are only a few reasons why PMBOK is useful to a small business:

1. Efficient Resource Utilization

PMBOK guides defining project objectives and resources. This includes the resource of time so realistic timelines can be created. Optimizing resource utilization reduces waste and enhances efficiency.

2. Enhanced Project Planning

Effective project planning is crucial for small businesses to deliver projects on time and within budget. PMBOK helps small business owners understand the importance of project planning, including defining the scope of a project, clearly identifying the needed resources and accurately assessing risks and opportunities. This enables them to create comprehensive project plans that mitigate issues and improve project success rates.

3. Improved Communication

Communication breakdowns can hinder project progress. Misunderstandings can develop among team members or stakeholders. PMBOK emphasizes the importance of effective communication throughout the project. PMBOK suggests guidelines for establishing communication channels ensuring that everyone involved is well-informed and aligned with project goals.

4. Risk Management

Every project carries risks that may impact its success. PMBOK provides an approach to identify, assess and manage risks effectively. By implementing risk management strategies prescribed in PMBOK, business owners can minimize the impact of risks protect their investments, and increase the likelihood of success.

5. Consistent Project Management Practices

PMBOK offers project management practices that have been widely recognized and accepted globally. Small business owners who adopt these practices can align themselves with industry standards enhance collaboration, with organizations, and gain credibility when seeking partnerships or contracts. Hiring a project manager familiar with the PMBOK Guide or certified by the PMI will ensure the business person can communicate clearly and work more readily with that individual.

In essence, PMBOK offers an organized approach to project management that can benefit every business owner. Even if you don't implement each guideline verbatim - as if! what small business owner has time for that! - understanding the principles of PMBOK can demystify project management, making it more manageable and approachable.

The PMBOK guide is a resource whatever the project, whether creating and launching a new product line, enhancing your website, developing a new course offering, or overseeing a marketing campaign. As a business owner, embracing these principles and using project management tools can significantly contribute to your success in a marketplace.

Image credits:
Africa Safari Zebras (on striped background) Image by Rosy from Pixabay.com.
Zebra with Computer and Book by Christina A. Steele, all rights reserved.
The PMBOK Guide is published and copyrighted by the Project Management Institute.