A new update to the Project Management Body of Knowledge (PMBOK) is being developed by a team of volunteers. The team, led by David Violette, plans to review and validate or update the Fourth Edition. As part of this effort, they will review for possible inclusion materials that were deferred during the development of Fourth Edition; review comments and feedback received since publication of the Fourth Edition; review all text and graphics in the Standard to make sure the information is clear, complete and relevant, revising as necessary; and ensure harmonization with other PMI Standards.
Also in development are a Practice Standard for Project Estimating, Second Editions of the Practice Standard for Scheduling and the Practice Standard for Earned Value Management, the Third Edition of The Standard for Program Management, and a completely new reference, The Project Management Lexicon. All development teams are currently closed to volunteers. PMI has a short video with more information on standards working sessions.