Project Management Institute (PMI)®: Purpose & Importance

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  • 0:03 Project Management
  • 1:08 Project Management Institute
  • 2:19 PM Standards & Tools
  • 2:55 PM Certification
  • 3:37 Maintaining PM Certification
  • 4:30 Lesson Summary
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Lesson Transcript
Instructor: Carl Lovell, PMP

Carl has taught grad-level college Project Management and Quality. He holds a Masters degree in Business and is a certified Project Management Professional.

Once you've gained knowledge of project management processes, you'll want to know how to be recognized as a project management professional. In this lesson, you'll learn what the Project Management Institute is, its purpose and why it's important.

Project Management

As companies strive to become more efficient in today's competitive environment, we see more industry segments embracing the project management discipline. While project management (PM) has long been a staple of the construction industry and a surge of companies in the information technology sector embraced project management discipline to address a 75% failure rate through the 1990s, you now see a similar surge in the healthcare sector. The surge across industry sectors is seen with the number of project management jobs calling for official certification.

After you have put forth the time and effort to obtain your primary degree in business, information technology, healthcare or even communications, you will notice that many of the advanced positions are calling for some level of project management experience and/or certification. Many professions have processes that license or credential and provide ongoing training to practitioners. This is no different with the project management profession. The Project Management Institute (PMI)® is the most significant provider of license and credential services to the project management profession.

Project Management Institute

So, who or what is the Project Management Institute (PMI)? The PMI is a global non-profit membership association, founded in 1969, with over 700,000 members worldwide. With its global presence, PMI provides advocacy for project management in a number of different ways, including:

  • By awarding recognition, such as the distinguished PMI Project of the Year and Person of the Year award
  • By offering official standards, such as the Project Management Body of Knowledge Guide® and the Organizational Project Management Maturity Model
  • By providing eight different professional certifications, such as the Certified Associate in Project Management® and the Project Management Professional designations

In addition to all of these services, the PMI provides a journal for peer-reviewed project management research as well as grants for conducting project management research. Through conferences, the PMI also provides educational opportunities on a local, national and global platform. This is in addition to training offered through approved registered education providers. Other opportunities include volunteering in a local PMI chapter or on a global community of practice, such as the Project Risk Management Community of Practice.

PM Standards and Tools

How do you gain an advantage and increase your successful delivery of assigned project? You need to stay abreast of the latest techniques that have proven to be successful for projects around the globe. The Project Management Body of Knowledge Guide®, published by PMI, is an internationally recognized standard that reflects the collaborative knowledge of working project managers. Volunteer project managers are also needed to keep the PMI standards and practices relevant as the needs of the global economy change.

By participating in the PMI volunteer communities, you increase your access to globally recognized standards, approaches and training.

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