PMBOK V5 is the new standard from PMI effective 1st January 2013.
The PMBOK v5 Guide Exposure Draft was made available to the public on February 17, 2012 and is available for public review and comments/recommendations by PMI members.
The changes in PMBOK V5
New 10th Knowledge Area in PMBOK Version 5: Stakeholder Management
4 new planning processes have been added: Plan Scope Management, Plan Schedule Management, Plan Cost Management & Plan Stakeholder Management.
Requirements Management Plan – This output is now shown being created in the new process: Plan Scope Management.
In the prior PMBOK V4, this output used to be created in the “Collect Requirements” process. This was “putting the cart before the horse,” because planning requirements should come before the requirements are collected. So it is much more logical the new way in PMBOK V5, where first we plan how to collect and manage the requirements (in the “Plan Scope Management” process) and then later gather the requirements (in the “Collect Requirements” process). see PMBOK Guide Fifth Edition
Much better the new way from Project Management PMBOK Fourth Edition
Changes to the PMP,CAPM,PMI-SP,PMI-RMP,PgMP, and PMI-ACP exams based on the Fifth Edition of the PMBOK will not occur until sometime in the 3rd quarter of 2013 as per the following:
PMP Exam will be updated to the new version July 31, 2013
CAPM Exam will be updated one month earlier: July 1, 2013
PMI-SP will be updated August 31, 2013
PMI-RMP will be updated August 31, 2013
PgMP Exam will be updated to the new PMI 5th Edition version July 31, 2013
PMI-ACP — NOT AFFECTED