The Project Management Body of Knowledge 5th Edition is a global guide to best practices and rules in project management around the world. The 5th Edition is the newest incarnation of these rules published by the Project Management Institute, as of 2015.
The Project Management Body of Knowledge 5th Edition was published in 2013. This guide includes ethics, standards and common practices used by the majority of project managers around the world. This creates a unified sense of purpose and understanding when companies collaborate on projects while reducing confusion and wasted resources from differing practices and ethics. This is especially useful for companies that operate in different countries.
The PMBOK can also be used as a study guide to earn globally recognized certifications issued by the Project Management Institute.
As of 2015, the PMI, publishes the PMBOK 5th edition in 11 languages, including Spanish, Arabic and Chinese.
Having been published in 2013, the PMBOK 5th edition does not include recently implemented practices, so it does not encompass all tools used by every company. The website ProjectManagement.com includes changes to the standards that have occurred since their publication, as well as a forum on which current users of the PMBOK discuss and implement changes until the next edition can be finalized.