Full Form of PMI
Purchasing Managers’ Index
PMI Full Form is Purchasing Managers’ Index. PMI is a standard indicator, in the business sector, that efficiently determines and indicates various parameters of the economic health of private sector business organizations. This indication is derived from monthly surveys conducted on the companies. Te principle and notable organizations related to performing surveys to determine PMI are Markit Group and ISM (Institute For Supply Management).
Whereas Markit Group is responsible for conducting PMIs for private sector companies in almost 30 countries across the globe, the operation of ISM is limited only in the United States since its start of the journey in 1948. Derivation of PMI is conducted through a strategic process that has three steps which include; the formation of near ideal survey panel, factual questionnaires, and seasonal statistical adjustment.
This index is an effective combination of the collective marking of five sub-indicators namely inventory levels (0.10), production level (0.25), new orders (0.30), supplier deliveries (0.15), and employment environment (0.20). The standard magic number for PMI is 50. If a company attains the PMI reading of 50 or higher, it indicates that the companies has huge potential in the field of business and is likely to expand its business in the immediate future. Investors heavily rely on PMI because it is not only related to the sentiment reading it the manufacturing sector but it also greatly deals with the economy.
PMI Full Form: Project Management Institute
Full Form of PMI stands for Project Management Institute. PMI is a specialized institute that gives services on almost every aspect of project management sector. Though it can be called an academic organization, this is mainly designed for first-day industry ready efficient professionals.
Founded in 1969, this US-based non-profit organization has gained popularity and respect in a number of nations across the globe. PMI provides support for the development in various fields like education, database research, and survey. It also arranges a seminar for providing adequate training to the professionals and freshers. It fosters the need for professionalism in project management.
By providing industry standards training, it produces professionals that are adept and expert in the respective sector. The accreditation and certification by PMI are recognized and accepted by each and every sector of project management. It also provides service in the field of publication and networking opportunities in the chapters that are based locally.
Currently, there are eight credentials upon which PMI provides professionally valid certification. Risk Management Professional, Certified Associate in Project Management, Scheduling Professional, Programme Management Professional, Agile Certified Professional, Project Management Professional, Portfolio Management Professional, and Professional in Business Analysis are the eight credentials offered by PMI. All of these credentials assures extremely professional credibility of the certified professionals in respective project management fields.