What is PMI (Project Management Institute)?

PMI exists to help project professionals and their organizations by establishing common practices, training, and resources that enable projects to be successfully and effectively managed. PMI advocates best project management practices and concepts that guide project teams to manage a project's objectives, scope, schedule, budget, resources, and risks throughout the project's life cycle. 

These concepts are geared to provide project stakeholders with consistency and a basis for decision-making as well as assist in effective project stakeholder collaboration. Project management based on PMI is widely practiced in construction projects and may be seen in areas such as coordinating project teams, contracts, and tracking projects to ensure adherence to project scope, budget, and schedule. Many project managers seek PMI certification in order to solidify their project management abilities. One of PMI's best-known works, the Project Management Body of Knowledge (PMBOK Guide), contains agreed-upon project management principles and procedures.