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Exam Code: PMBOK-5th Practice test 2022 by Killexams.com team
Project Management 5th Edition
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The following thought leadership column is from Charlie Stocks, Head of Project Management at W. P. Carey. The views expressed herein are the author’s own.

There’s no question that the current real estate development market is challenging. Inflation remains at its highest level in 40 years, interest rates are projected to keep rising and supply-chain bottlenecks continue to disrupt commerce, leading to spikes in construction costs and longer lead times for materials and equipment. Today’s construction hurdles are being compounded by limited inventory of vacant real estate for certain property types, leaving companies with limited options for additional square footage or property upgrades.

The good news is that companies that lease their building may be in luck thanks to a high-value service some landlords are offering: a dedicated project management team. Project management teams come in all shapes and sizes, but they have the potential to handle all types of development projects (e.g., expansions, renovations and build-to-suits) as well as deliver turnkey solutions. REITs and other longer-term investors will often invest in these teams, priding themselves on being a partner to their tenants for the duration of the lease and beyond.

Project management teams manage everything from conceptual planning to design to construction management, assembling a team of architects, consultants and contractors. This holistic service is particularly valuable since most tenants don’t have the resources—be it the capital, relationships or expertise—to execute these projects themselves. And leveraging their landlord’s project management team is often more efficient and cost-effective than hiring a third-party developer, and enables them to focus on their core business, which is most likely not real estate development.

In today’s market, having access to a dedicated project management team with a shared interest in their tenant’s business and the expertise to effectively navigate current challenges is more valuable than ever. Here’s why:

Renovate, modernize or convert an existing building 

Project management teams can adapt an existing building to reflect the tenant’s evolving real estate needs. This could encompass a full renovation and modernization of an outdated building or converting one property type to another (e.g., office to R&D) to reflect a changing business model. Moreover, with prices continuing to increase having a project management partner that can finance the upfront costs associated with these projects is critical. In addition, working with a project management team that understands the ins and outs of a tenant’s business along with being able to offer a tailored approach means the final product will be ideally suited to the tenant’s long-term needs, in comparison to if the tenant worked with a third-party developer.

Expand an asset to accommodate a need for more space

In order to continue growing, many tenants need to expand their real estate footprint to make room for more equipment, inventory and more. However, record-low availability of real estate means that many tenants can’t find the additional space they need. An in-house project management team can help by working with tenants to expand their existing space to accommodate growing business needs. A huge benefit of this approach is that tenants can typically continue operating in their existing facilities during an expansion, offering minimal disruption to day-to-day operations.

Retrofit an existing space to make it more sustainable

With energy costs continuing to soar, there’s never been a better time for tenants to update their properties to make them more sustainable. In-house project management teams can work on a variety of sustainability projects including renewable energy opportunities – such as solar panel installations – energy efficiency retrofits and green building certifications. These sustainable projects can reduce tenants operating costs and help reduce scope 1 and 2 emissions to align with their sustainability goals.

Conclusion

For landlords, investing in a project management team is a win-win. Turnkey project management solutions add value for tenants by adapting their property to meet their long-term needs, helping increase lease renewals while also improving the overall quality of the portfolio. From an investment perspective, having a project management team also provides a steady pipeline of attractive internal investment opportunities, while enabling the landlord to have project oversight on deals where they are also serving as the capital provider.

Mon, 28 Nov 2022 00:45:00 -0600 en text/html https://www.globest.com/2022/11/28/project-management-teams-deliver-big-value-for-tenants/?slreturn=20221109162927
Killexams : Skills proving to be an essential driver of foreign direct investments

Countries on either side of the equator compete intensely for foreign direct investment (FDI). It brings much-needed capital for their growth and development, including technology transfer and skills. It is also a vote of confidence for the host country. While multinational companies are always on the lookout for the next growth market, their decision to invest is driven by a myriad of interests and strategic reasons, some more important than others.

According to Investment Monitor, availability and quality of labour are arguably even more important than cost. Some MNCs invest abroad as they require higher-skilled labour, especially in the pharmaceuticals, electronics, and telecommunications industries. When associated with low-cost, higher-skilled labour makes certain countries particularly attractive to MNCs in specific sectors. The quality of labour is fast becoming one of the most critical drivers of FDI, if not the most.

Data collected from the UN Conference on Trade and Development’s (UNCTAD) World Investment Report 2020 and the World Economic Forum’s (WEF) Global Competitiveness Report 2019 show that countries with higher-skilled and better-educated workforces tend to attract more greenfield FDI projects.

At the recently concluded Africa Summit in London, where PMI was joined on the panel by Development Partners International, Diageo, and Summa, conversations swirled around the importance of project management skills. Many commentators on the day were of the opinion that entering a foreign market required more than just a business plan and deep pockets. It involved a strategic process that guides project execution within scope, allocated budgets, and on time, an ideal brief for a project manager.

The global economy needs 25 million new project professionals by 2030 due to economic growth and development, an increase in the number of jobs requiring project management-oriented skills, and retirement rates. As a result, to close this talent gap, 2.3 million project managers and change makers will be needed to fill these roles every year to keep up with the demand. In sub-Saharan Africa, the market for project management-oriented employment is expected to grow by 40 percent, the biggest in the world.

FDI must not solely drive a country’s intent to develop these skills. Domestically, the nature of work has rapidly changed during the last decade due to emerging technologies and disruptive forces, such as 4IR, AI, and automation. Moreover, the skills reset are due in no small part to the pandemic.

Read also: How Nigeria’s free trade zones can attract more investments – Experts

Employers cannot solve the skills gap issue alone; they need support from educators to build talent pools with skills relevant to today’s business needs. Studies have highlighted mismatches between the skills African students obtain and those required by employers. Governments and youth-serving NGOs have attempted to address this through skills development programs, including entrepreneurship training. Still, the assumption that every African youth without a job will be inclined to be an entrepreneur is hardly inclusive.

Despite earning monikers like “last frontier of growth,” Africa is not without its challenges. The African Development Bank reports that while 10-12 million youth enter the workforce every year in Africa, only 3 million formal jobs are created annually.

The answer may be to focus more on skills-based hiring, which emphasises the specific skills needed for a position rather than educational credentials or prior experience.

Skills-based hiring can help ensure you fill open positions with the right talent—whether that person comes from outside the organisation or your workforce. It can expand your talent pool and help level the playing field by eliminating some of the unconscious biases that can creep into the hiring process.

This approach is ideal for SSA, where many cannot afford to put themselves through universities. You can only start where you can start and from where you are now. If you’re currently employed, that is the place to begin with the skills development opportunities available. If you are unemployed, there are several free resources online, like KickOff, for you to test your aptitude for project management.

Rome wasn’t built in a day, nor was it built by one person. I am equally sure it had project managers to ensure it was delivered within scope, budget, and on time.

Asamani is the managing director, sub-Saharan Africa, Project Management Institute

Sun, 04 Dec 2022 10:41:00 -0600 George Asamani en-US text/html https://businessday.ng/opinion/article/skills-proving-to-be-an-essential-driver-of-foreign-direct-investments/
Killexams : How solar contractors can use field service management software to lower soft costs

By Anand Subbaraj, CEO, Zuper

The problem of soft costs is not new. They currently make up 65% of the cost for residential PV and 57% total costs for commercial rooftop PV. For many solar businesses they represent a chronic drain on company bottom lines and hurt their ability to differentiate, stay competitive and scale.

However, field service management (FSM) software can take a bite out of those costs. FSM helps field service businesses like solar and storage digitize and automate workflows, processes and overall operations.

Work order management capabilities allow office and onsite teams to coordinate scheduling, fleet tracking, administrative tasks and asset management. Analytics and reporting provide operational oversight while integrations with CRM, project management, inventory and financing software streamline work processes. Additionally, a mobile component lets field crews get information on a job without having to check in with office staff.

Efficient installations

FSM reduces costs during installs by improving project efficiency. Fundamentally, an FSM solution deploys optimization tools that predict the nature and solution of problems so that all company members at all levels operate inside of workflows that are streamlined and agile.

Work order management means teams can create customized and semi-automated workflows for a full view of team capacity, utilization and performance. Features like smart scheduling, route optimization, real-time location tracking, mapping and digitized timesheets allow office staff and crew leads to manage installs and maintenance with complete oversight. This minimizes unnecessary truck rolls, unplanned absences and cancellations and ensures that field techs are worked as efficiently as possible.

Communication between the home office and field techs is vastly improved with field service management. The mobile app allows field techs to send and receive alerts to the back-office in real-time and leave notes about a job. Administration, in turn, has full visibility around field staff arrival times, job details and status plus an ongoing record of all communication. On the customer-facing side, field techs arrive on the job with the most up-to-date project information, able to perform services instantly. Customers receive automated and customized messages and reminders about job status, scheduling changes and invoices.

Reports and analytics with FSM allow executive staff to proactively monitor and examine workflows, employee capabilities, cost allocations, asset and inventory usage and field service trends. They see how issues are identified and reported and assess how well field service resources are utilized.

Digitized administrative tasks

Organized administrative processes lower organizational issues that drain profits such as incorrect customer data, disorganized permitting applications or the need to chase down customer payments.

With FSM, teams have real-time access to all customer and project details in one place, which assures the quality of a job. It mitigates the need for change orders and longer project timelines and enables staff to respond to customer needs quickly. Back office and field staff have shared access to highly organized paperwork and the latest data. Techs use their mobile devices to deliver documents, collect signatures, prep invoices and up-sell services onsite.

System installations involve error-prone, intensive work with a lot of back and forth. FSM arms onsite techs with the most up-to-date data regarding design, qualification information, permitting paperwork and more, minimizing change orders, shortening turnaround time and allowing them to address customer concerns as they go. The platform provides full visibility around design data and delivers the accuracy needed for a commissioning protocol via custom designed checklists and document and image attachments.

Permitting and applications for incentives are soft costs that affect the bottom line. FSM allows teams to digitally organize, track and update all of the data involved in these processes like customer information, project design details and local and state requirements. This minimizes the lag time on the solar business’s end of things, an advantage given how involved and lengthy the process tends to be once they submit.

Accounting with field service management is simplified. Teams administer staff timesheets, project expenses and customer billing and collections such that projects are on track and cash flow is freed up. The platform often includes automated quoting, invoicing and payment collection as well as capabilities that link workflow to the company calendar and sync paid invoices to preferred accounting software. This kind of streamlining makes it easier to collect on payments and upsell additional services.

Cost-effective customer acquisition

Customer acquisition costs can be considerable. Strong referrals and reviews are the best way to secure high-quality, low-cost leads, results that come with superior customer service.

FSM helps businesses Boost and personalize the customer service experience. Analytics and reporting supply supervisors real time insights into project workflow. Staff pinpoint inefficiencies and make adjustments around installs and service calls by examining key performance indicators and milestone performance. Also, better workflow management with FSM expedites project timelines and delivers comprehensive customer communication. Overall, office and field staff deliver a better kind of customer experience over the lifetime of the relationship.

Increased customer satisfaction and loyalty lead to positive reviews and referrals. It also  helps raise the lifetime value of existing customers since it lays the groundwork for additional offerings like energy storage, extended warranties and O&M services.

Asset and inventory management

Solar supply chain costs have fluctuated considerably over the past few years, given policy, shipping and pandemic-related complications. Using assets and inventory at maximum effectiveness mitigates the impact of this variable.

Solar businesses can more easily track and effectively manage use of equipment and parts with field service management. The entire team has an instant and comprehensive overview of company inventory from anywhere using any device. Inventory use is optimized over the lifetime of an install, managing site locations, shipments, PPM and warehouse stock. Field techs know the availability of parts and equipment from their mobile app without needing to check in with the office team.

Field service management helps ease the perennial burden of solar soft costs by providing the kind of operational efficiency and customer engagement modern solar and storage businesses need. Ultimately, it helps them respond faster and get more done as they pursue the vital task of forwarding our nation’s clean energy transition.


Anand Subbaraj is the CEO of Zuper, an AI-powered solution that enables residential and commercial service providers to digitize, automate and optimize their field service processes end-to-end.

Thu, 08 Dec 2022 04:03:00 -0600 SPW en-US text/html https://www.solarpowerworldonline.com/2022/12/how-solar-contractors-can-use-field-service-management-software-to-lower-soft-costs/
Killexams : The long and short of it: PMI Electro Mobility looks to tap private bus operators with its 13.5-metre electric bus

PMI Electro Mobility Solutions Private Limited, which started making electric buses in 2017 to meet the intra-city transportation needs of state transport undertakings (STUs), now plans to add private transport operators as customers. To this end, the homegrown EV maker is gearing up to launch India's first electrically-propelled 13.5-metre bus for long-haul routes.

The Delhi-based firm revealed that while it will be making the chassis in-house, the tech expertise for the powertrain will be derived from its Chinese collaborator Beiqi Foton. It would be priced at Rs. 1.5-2 crore (ex-showroom, India) and will largely be serving customers in tier-1 cities such as Delhi, Mumbai, Bengaluru and Kolkata.

“It is very clear that in the long-haul and intercity bus space, the number of government-run transport undertakings are fairly less as there are more B2B (business to business) buyers such as private transport operators. Unlike the gross cost contract (GCC) model in STUs, ticketing and operational incomes, etc., are done by us in B2B sales,” said Manvi Jain, Director, PMI Electro Mobility, adding, “Our R&D team is already working in close coordination with Foton on a 13.5-metre bus and it should be available by March 2024.”

Jain clarified that it will initially be selling the 42-seater (plus driver) bus and the sleeper version (with 32 seats) will be added later.

Having already deployed over 1,000 electric buses in the 7-metre (Rs 80-90 lakh), 9-metre (Rs 85 lakh–1.1 crore) and 12-metre (Rs 1.2-1.5 crore) segments for short- and medium-haul routes, PMI’s upcoming product will be for 3-5-hour routes such as Delhi to Agra.

To be built at its existing facility at Dharuhera, Haryana, which is already churning out 1,500 e-buses a year, the new e-bus will be 50% localised in the first phase and will be completely indigenised in the subsequent phase.

PMI Electro Mobility, a subsidiary of PMI Coaches, has sold 1,000 units of Electric buses till date aims to sell 10,000 units in the long term.  The projected numbers also include e-buses it will be introducing for schools and corporates.

Tech specs of the upcoming model

With a 288 kWh (Kilowatt hour) battery pack, the new bus has a claimed range of 200-250 km on a single charge, and a charging duration of 30 minutes (80 percent charge) to 1.5 hours (full charge).

Without sharing any sales target for this model, Jain said the long-haul buses will largely be catering to operators who are replacing their existing fleet of diesel or CNG-driven buses.

In her view, the real disruption by any OEM for such buses will be in terms of price points in order to really make a meaningful mark in any segment. “The capital cost of EV buses is more but the running cost is substantially lower, therefore making it a viable mode of transportation over the period and also helping lowering the carbon footprint,” added Jain.

Market size and untapped opportunities

As per TechSci Research, a management consultancy that specialises in market analysis, a total of 369 electric buses were sold in India in FY21, rising to 1,186 buses in FY22, and is projected to reach more than 4,300 units by FY28.

As per Bus & Car Operators Confederation of India (BOCI), there are 19 lakh buses plying across the country, of which private operators own a fleet of 17.49 lakh vehicles and the balance 1.51 lakh vehicles are operated by STUs.

BOCI claims that there are more than 20,000 private bus operators in the country.  It anticipates that 5% (87,450 units) of the total count of private buses will be electric in the next five to seven years.

However, Prasanna Patwardhan, president, BOCI, believes reaching the target of 5% penetration depends on multiple factors such as a) developing a common charging infrastructure network b) availability of right battery capacity bus and the bus itself for the purpose and c) availability of project financing on a long-term basis to private bus operators.

According to TechSci Research, the number of electric buses on the road reached 3,023 in FY22, adding that nearly 13% of buses sold were electric that year. Furthermore, the Indian electric bus industry is expected to grow at a compound annual growth rate of 24.6% in the coming years, it said.

That will probably be driven by economics, TechSci Research claims that the cost of operating a diesel bus is Rs 70–80 per kilometre, while the cost of operating an electric bus is Rs 50–60 a km. Considering both electric and diesel buses travel 150 km per day, the overall operating cost for electric buses works out to be 27-35% lower than that of diesel ones, as per the research firm.

In India, while there are no OEMs currently selling a 13.5-metre bus run on batteries, there are clutch of them that offer diesel-fuelled ones. As per TechSci Research, some of the key players present in the 13.5-meter bus segment selling diesel buses are Volvo Group India Pvt. Ltd., Tata Motors Ltd., Ashok Leyland Ltd, and Daimler India Commercial Vehicles Pvt. Ltd (See table below).

13.5 metre bus table

“The 13.5-meter bus segment can offer nearly 20% additional sleeper seats and nearly 10% more seating capacity than 12-metre buses, along with more battery capacity for intercity travel at a competitive price range. In coming years, bus travel agencies may consider 13.5-metre electric buses for intercity travel to maximise revenue per trip,” said Karan Checi, research director at the consultancy.

Additional plans

PMI Electro Mobility is also working on an electric school bus which it says will be available soon. It is also working on a range of electric light and medium commercial vehicles it aims to launch in the next 18 months.  Plans are also afoot to invest about Rs 250 crore to establish a manufacturing facility in Chakan, Pune, via its 70:30 joint-venture with Foton India.  The earmarked amount will come from internal accruals.

“Our plan was whenever this Pune facility gets ready, the product that we get out of that facility will be commercial vehicles apart from buses. As per our internal market research, if we set up our Pune facility, there are a lot of these FMCG companies there which require trucks for garbage, refrigeration and other applications. So I think that last-mile connectivity will be a very big customer base for us,” said Jain.
Wed, 07 Dec 2022 18:37:00 -0600 en text/html https://www.moneycontrol.com/news/business/the-long-and-short-of-it-pmi-electro-mobility-looks-to-tap-private-bus-operators-with-its-13-5-metre-electric-bus%e2%80%8b-9622091.html
Killexams : Ensuring Your Project Management Strategy Keeps Pace With Your Needs

Yaniv Shor is the founder and CEO of Proggio and the author of the book Time to Deliver, a must read for project managers. About Proggio.

Between the shift to remote work and the accelerating speed of business, project managers have their hands more than full. Juggling multiple projects and multiple teams across multiple locations, as well as relying on multiple software tools to keep everything straight, is enough to make even the most experienced PM feel overwhelmed.

Part of the problem is the fact that the tools most PMs have available haven't kept pace with the evolution and demands of modern project management. Many are still relying on static Excel spreadsheets to track project status and PowerPoint to create reports. According to the Project Management Institute (PMI), 30% of organizations only consider methods that have proved effective for them in the past. In other words, they stick with the status quo.

That's a serious problem because it directly hinders their success. PMI data shows that organizations that can adapt and evolve are nearly twice as agile, more productive and able to deliver better value—meeting their project objectives while staying on budget and with less waste. On the other hand, organizations that can't react quickly to change or are unable to forecast trends and capitalize on them are at risk of being quickly passed up by the competition.

If it's time for a PM modernization effort within your organization, here are some tips to guide the process.

1. Clarify your needs. Modern PM solutions run the gamut from providing top-level project portfolio management to complete end-to-end platforms that include granular task management. Not every organization needs a soup-to-nuts solution. Giving your PMs a powerful project portfolio management platform and allowing end users to continue with the task management tools of their choice may be just fine.

2. Identify your user base. Who is your intended audience? Are they experienced, certified PMPs or business end users with no formal project management experience? While both deserve a solution that's intuitive and easy to use for their level of experience, there's no need to overcomplicate things. Too many features can be overwhelming.

3. Develop a sound organizational structure. For some organizations, it's not just their tools that aren't working—it's their entire structure. Doing the same thing you've always done but adding a new tool won't fix the lack of communication, organization and structure. Consider restructuring business units, if needed, and identifying champions for units or departments so that each has a designated representative.

4. Establish a framework for prioritizing. Regardless of how you manage projects, each one that you undertake must have a direct tie to your overall business strategy. Before diving headfirst into every new idea, establish criteria for deciding what to work on, how new projects will be prioritized and who makes that call. Instead of doing projects for the sake of doing projects, make sure you're working on projects that actually move the needle in terms of business growth.

In order to successfully deploy any new project management strategy, you'll want to make sure you have the capability to address these four key factors that can make or break your program.

• Visibility. The problem with using Excel or even Gantt charts to track project status is that they're perpetually outdated. The entire team depends on the PM to make updates to the timeline by culling through emails, Slack messages and sticky notes. Meanwhile, work on the project is ongoing, so there's virtually no way the PM can keep up.

Look to incorporate real-time visibility to help your team plan ahead and be ready for the next task or phase. A clearer view of project statuses can also allow PMs and project leaders to spot roadblocks sooner so they can adapt quickly before falling behind schedule.

• Efficient reporting. PMs often spend hours compiling data from a myriad of sources into a PowerPoint deck to report to stakeholders. By the time this report is delivered, it's already old news. This is not only an inefficient use of PMPs' time and talent, but it also means leadership never gets a clear picture of project status. It may not find out things are going poorly until they've gone completely off the rails, putting the entire project in jeopardy.

Look to establish systems for efficient, real-time reporting in order to keep stakeholders up to date, which can save the entire organization a tremendous amount of time. Reporting is a critical part of project management, so addressing it upfront can prevent a huge hassle and headache down the road.

• Adaptability. How many times have you been sitting in a meeting, and there's a request to change priorities or objectives? Other times, things go wrong—a setback, a technical glitch or another hurdle means missing an important milestone. These events have obvious downstream effects, but in most organizations, those are hard to quantify.

Ensure you have the ability to adapt to changes. Seeing how a priority change or a roadblock will impact future milestones, project completion and deliverables across the portfolio is essential. Without it, the organization is flying blind and crossing its fingers that everything will work out in the end.

• Resource planning. Employees are already feeling overworked and stressed out, and nearly one in five project managers has considered leaving the profession largely because of burnout. No organization can afford to lose great talent right now (or ever).

Look to create an efficient resource planning process in order to not only prevent burnout but also make sure projects actually get across the finish line. By prioritizing projects around business objectives and gaining clarity into who's working on what, your organization can be much more effective at managing workloads and ensuring projects get over the finish line on time.

While it's reasonable to encounter some challenges as you modernize your project management approach, it's also important that you keep an open mind and be willing to try something new. Having a modern, adaptable project management strategy can supply you the clarity and agility you need to gain and maintain a competitive advantage in a fast-moving business environment.


Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?


Fri, 02 Dec 2022 00:25:00 -0600 Yaniv Shor en text/html https://www.forbes.com/sites/forbestechcouncil/2022/12/02/ensuring-your-project-management-strategy-keeps-pace-with-your-needs/
Killexams : Project Management Institute Celebrates Contributions to Project Management Industry with Winners of 2022 PMI® Awards

PHILADELPHIA, December 02, 2022--(BUSINESS WIRE)--Project Management Institute (PMI), the world’s leading organization for the project management profession, announced the winners of the 2022 PMI® Awards during a reimagined award ceremony, themed as ILLUMINATE!, at PMI Global Summit. The PMI® Awards highlight project professionals, PMI chapters, groups and published works that advance the project management profession.

Since 1974, PMI has honored organizations and project professionals whose passion, talent, and expertise have made the greatest contributions to project management and PMI. This year’s awards fall under three categories: PMI Project Awards, PMI Research and Academic Awards, and PMI Chapter Awards.

"As the home for project professionals across the globe, PMI celebrates the work that leads us forward–and those who make it possible," said Pierre Le Manh, President and Chief Executive Officer of Project Management Institute. "Through innovation, collaboration, and a dedication to outcomes that matter, this year’s recognized work and project leaders model the qualities that drive the world forward—directing us all towards a brighter future."

PMI® Awards:

PMI® Project of the Year Award – This award is the highest project honor and recognizes a single project leading the way in the project management profession. Projects winning this award have achieved excellence of project management practices including superior organizational results, innovation, collaboration, and making positive impacts on society.

PMI® Large and Mega Project Award –This award recognizes complex projects that best deliver superior performance of project management practices, superior organizational results, and positive impacts on society with a project budget of more than US$50 million.

  • Winner: Route 2020 Project by Dubai Metro

  • Finalist: Al Madinah Mega Project by King Faisal Specialist Hospital & Research Center

  • Finalist: Sanmen AP1000 Phase I Project by the Shanghai Nuclear Engineering Research & Design Institute

PMI® Small and Mid-Size Project Award – This award recognizes complex projects that best deliver superior performance of project management practices, superior organizational results, and positive impacts on society with a project budget of less than US$50 million.

  • Winner: Medical Oxygen Plant (MOP) by Tata Advanced Systems Limited (TASL)

  • Finalist: COVID-19 300 ICU Hospital Beds by GDID Jubilee

  • Finalist: Multiplan Advocacy Platform Implementation by UST

PMO of the Year® Award – This award honors a Project Management Office (PMO) that has added value to its organization through its support of successful strategic initiatives and demonstrated superior organizational project management capabilities. It also recognizes a PMO that has established a vision for value delivery and has had a positive and clear impact on business results.

  • Winner: Dubai Municipality Project Management Office

  • Finalist: Ontario Power Generation Enterprise Project Management Office

  • Finalist: Johnson & Johnson FS&T Project Management Office

PMI® Fellow Award – This is the highest and most prestigious individual award, honoring professionals for their service to the organization and profession.

PMI® Eric Jenett Person of the Year Award – This award recognizes and honors an individual who has made an outstanding contribution(s) to the project management profession or its practice through leadership, technical project management, and strategic and business management acumen.

  • Imre Szalay

  • Shivani Gupta

PMI® Rising Leader Award – This award recognizes and honors young professionals who have made a significant impact in advancing project management within an organization; advancing the knowledge and understanding of the practice of project management; and demonstrating an understanding of PMI standards, practices, and ethics.

PMI® Research and Academic Awards

The PMI Research and Academic Awards recognize individuals, groups, and published works that significantly advanced the concepts, knowledge, and practices of project, program, and portfolio management.

PMI® David I. Cleland Project Management Literature Award – The PMI David I. Cleland Project Management Literature Award recognizes the author(s) of a published book that significantly advances project management knowledge, concepts, and practice.

PMI® Research Achievement Award – The PMI Research Achievement Award recognizes and honors an individual whose work has significantly advanced the concepts, knowledge, and practices of project management through a published body of academic research.

  • Winners:

    • Professor Nathalie Drouin, University of Quebec, Montreal

    • Professor Ralf Müller, BI Norwegian Business School

    • Professor Shankar Sankaran, University of Technology Sydney

PMI® Linn Stuckenbruck Teaching Excellence Award – The PMI Linn Stuckenbruck Teaching Excellence Award honors faculty members for excellence in teaching project management curricula in higher education.

PMI® Young Researcher Award – The PMI Young Researcher Award recognizes and celebrates emerging leaders in the academic field of project, program, and/or portfolio management with potential achievements to make a significant impact on the field and practice.

PMI® Chapter Awards

The PMI Chapter Awards program provides recognition of volunteer efforts, motivates chapter leaders, and provides acknowledgment of their contributions toward achieving goals.

Category I - Chapters with 25-300 Members

Category II - Chapters with 301–1,500 Members

Category III - Chapters with Over 1,500 Members

If you know a project, PMO, or professional in project management that deserves recognition, nominate them for next year’s PMI Awards today at https://professionalawards.pmi.org/.

About Project Management Institute (PMI)

Project Management Institute (PMI) is the leading professional organization for project management, and the authority for a growing global community of millions of project professionals and individuals who use project management skills. Collectively, these professionals and "changemakers" consistently create better outcomes for businesses, community, and society worldwide.

PMI empowers people to make ideas a reality. Through global advocacy, networking, collaboration, research, and education, PMI prepares organizations and individuals at every stage of their career journey to work smarter so they can drive success in a world of change.

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Sun, 04 Dec 2022 01:21:00 -0600 en-US text/html https://finance.yahoo.com/news/project-management-institute-celebrates-contributions-162300551.html
Killexams : Services PMI® at 56.5%; November 2022 Services ISM® Report On Business®

Business Activity Index at 64.7%; New Orders Index at 56%; Employment Index at 51.5%; provider Deliveries Index at 53.8%

TEMPE, Ariz., Dec. 5, 2022 /PRNewswire/ -- Economic activity in the services sector grew in November for the 30th month in a row — with the Services PMI® registering 56.5 percent — say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®.

The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: "In November, the Services PMI® registered 56.5 percent, 2.1 percentage points higher than October's practicing of 54.4 percent. The Business Activity Index registered 64.7 percent, a substantial increase of 9 percentage points compared to the practicing of 55.7 percent in October. The New Orders Index figure of 56 percent is 0.5 percentage point lower than the October practicing of 56.5 percent.

"The provider Deliveries Index registered 53.8 percent, 2.4 percentage points lower than the 56.2 percent reported in October. (Supplier Deliveries is the only ISM® Report On Business® index that is inversed; a practicing of above 50 percent indicates slower deliveries, which is typical as the economy improves and customer demand increases.)

"The Prices Index was down 0.7 percentage point in November, to 70 percent. Services businesses still continue to struggle to replenish their stocks, as the Inventories Index contracted for the sixth consecutive month; the practicing of 47.9 percent is up 0.7 percentage point from October's figure of 47.2 percent. The Inventory Sentiment Index (44.2 percent, down 2.2 percentage points from October's practicing of 46.4 percent) contracted for the fourth month in a row.

"According to the Services PMI®, 13 industries reported growth. The composite index indicated growth for the 30th consecutive month after a two-month contraction in April and May 2020. Growth continues at a faster rate for the services sector, which has expanded for all but two of the last 154 months. The sector had an uptick in growth after pulling back in the previous two months. The rate of growth increased in November due to increases in business activity and employment."

Nieves continues, "Supplier deliveries continued to slow, albeit at a slower rate in November. Based on comments from Business Survey Committee respondents, increased capacity and shorter lead times have resulted in a continued improvement in supply chain and logistics performance. A new fiscal period and the holiday season have contributed to stronger business activity and increased employment."

INDUSTRY PERFORMANCE
The 13 services industries reporting growth in November — listed in order — are: Real Estate, Rental & Leasing; Mining; Agriculture, Forestry, Fishing & Hunting; Other Services; Construction; Health Care & Social Assistance; Public Administration; Retail Trade; Professional, Scientific & Technical Services; Accommodation & Food Services; Utilities; Transportation & Warehousing; and Educational Services. The three industries reporting a decrease in the month of November are: Management of Companies & Support Services; Wholesale Trade; and Information.

WHAT RESPONDENTS ARE SAYING

  • "Business is doing well, almost back to pre-coronavirus pandemic volumes." [Agriculture, Forestry, Fishing & Hunting]

  • "Generally unchanged month over month. New business requests are solid, with costs rising steadily for materials, meals and lodging." [Construction]

  • "Still long lead times for service-related needs. A slight downturn in fuel costs in this region, but we are still experiencing supply chain shortages and delays." [Educational Services]

  • "The labor forecast has improved, which has led to our ability to increase caseload, translating to higher surgical volumes. Some medical/surgical goods categories remain constrained — Vacutainer (blood collection tubes), wound care kits, syringes, hypodermic needles — but seeing modest improvement in other categories. Despite the uptick in RSV (respiratory syncytial virus) and flu, we anticipate that business activity will remain strong through the end of 2022." [Health Care & Social Assistance]

  • "The demand for energy services remains very strong for the foreseeable future." [Mining]

  • "No change from previous months — strong RFQ activity from our customers, but we're struggling to get electronic materials. Suppliers are still holding to lead times between eight and 12 months for simple components. We don't see this improving in 2023." [Other Services]

  • "Job openings are seemingly continuing to decrease, but with demand for top talent still high and availability still rather scarce, the opportunity for growth is still there." [Professional, Scientific & Technical Services]

  • "Overall business is stable. Employment is low and inflation is lower than last month. Supply chain issues are stabilizing." [Retail Trade]

  • "Still struggling with recruitment, though we are starting to see more (higher quality) applicants, and (we are) hopeful the situation will quantitatively change in the first quarter of 2023. There are still struggles with longer-than-usual lead times affecting monthly delivery schedules." [Transportation & Warehousing]

  • "Local, regional and national supply constraints continue to create supply chain complexities and challenges." [Utilities]

  • "Business volume appears to be leveling out based on a month-over-month comparison, although we are up significantly when compared to the same month last year." [Wholesale Trade]

ISM® SERVICES SURVEY RESULTS AT A GLANCE

COMPARISON OF ISM® SERVICES AND ISM® MANUFACTURING SURVEYS

NOVEMBER 2022

Index

 Services PMI®

Manufacturing PMI®

Series
Index

Nov

Series
Index

Oct

Percent
Point
Change

Direction

Rate of
Change

Trend*

(Months)

Series
Index

Nov

Series
Index

Oct

Percent
Point
Change

Services
PMI
®

56.5

54.4

+2.1

Growing

Faster

30

49.0

50.2

-1.2

Business
Activity/

Production

64.7

55.7

+9.0

Growing

Faster

30

51.5

52.3

-0.8

New Orders

56.0

56.5

-0.5

Growing

Slower

30

47.2

49.2

-2.0

Employment

51.5

49.1

+2.4

Growing

From
Contracting

1

48.4

50.0

-1.6

Supplier
Deliveries

53.8

56.2

-2.4

Slowing

Slower

42

47.2

46.8

+0.4

Inventories

47.9

47.2

+0.7

Contracting

Slower

6

50.9

52.5

-1.6

Prices

70.0

70.7

-0.7

Increasing

Slower

66

43.0

46.6

-3.6

Backlog of
Orders

51.8

52.2

-0.4

Growing

Slower

23

40.0

45.3

-5.3

New Export
Orders

38.4

47.7

-9.3

Contracting

Faster

2

48.4

46.5

+1.9

Imports

59.5

50.4

+9.1

Growing

Faster

3

46.6

50.8

-4.2

Inventory
Sentiment

44.2

46.4

-2.2

Too Low

Faster

4

N/A

N/A

N/A

Customers'
Inventories

N/A

N/A

N/A

N/A

N/A

N/A

48.7

41.6

+7.1

OVERALL ECONOMY

Growing

Faster

30

Services Sector

Growing

Faster

30

Services ISM® Report On Business® data is seasonally adjusted for the Business Activity, New Orders, Employment and Prices indexes. Manufacturing ISM® Report On Business® data is seasonally adjusted for New Orders, Production, Employment and Inventories indexes.
*Number of months moving in current direction.

COMMODITIES REPORTED UP/DOWN IN PRICE, AND IN SHORT SUPPLY

Commodities Up in Price
Batteries; Construction Services; Diesel Fuel (2); Electrical Components (22); Fuel* (2); Gasoline* (2); Janitorial Maintenance Supplies; Labor (24); Labor — Full-Time; Labor — Technology and Web Related; Needles and Syringes; Pallets; and Services.

Commodities Down in Price
Fuel* (4); Gasoline* (4); and Steel Products.

Commodities in Short Supply
Chemicals; Concrete (2); Electronic Components; Janitorial Supplies; Labor; Plastic Products; Semiconductors (2); Transformers (3); and Vehicles (5).

Note: The number of consecutive months the commodity is listed is indicated after each item. *Indicates both up and down in price.

NOVEMBER 2022 SERVICES INDEX SUMMARIES

Services PMI®

In November, the Services PMI® registered 56.5 percent, a 2.1-percentage point increase compared to the October practicing of 54.4 percent. The 12-month average is 57.2 percent, reflecting consistently strong growth in the services sector, which has expanded for 30 consecutive months. A practicing above 50 percent indicates the services sector economy is generally expanding; below 50 percent indicates it is generally contracting.

A Services PMI® above 50.1 percent, over time, generally indicates an expansion of the overall economy. Therefore, the November Services PMI® indicates the overall economy has followed the same path as the services sector: expansion for 30 straight months following two months of contraction and a preceding period of 122 months of growth. Nieves says, "The past relationship between the Services PMI® and the overall economy indicates that the Services PMI® for November (56.5 percent) corresponds to a 2.3-percent increase in real gross domestic product (GDP) on an annualized basis."

SERVICES PMI® HISTORY

Month

Services PMI®

Month

Services PMI®

Nov 2022

56.5

May 2022

55.9

Oct 2022

54.4

Apr 2022

57.1

Sep 2022

56.7

Mar 2022

58.3

Aug 2022

56.9

Feb 2022

56.5

Jul 2022

56.7

Jan 2022

59.9

Jun 2022

55.3

Dec 2021

62.3

Average for 12 months – 57.2

High – 62.3

Low – 54.4

Business Activity

ISM®'s Business Activity Index registered 64.7 percent in November, a notable increase of 9 percentage points from the practicing of 55.7 percent in October, indicating growth for the 30th consecutive month. Comments from respondents include: "Gaining more business" and "Demand for our services is increasing."

The 13 industries reporting an increase in business activity for the month of November — listed in order — are: Real Estate, Rental & Leasing; Accommodation & Food Services; Mining; Other Services; Public Administration; Construction; Agriculture, Forestry, Fishing & Hunting; Health Care & Social Assistance; Information; Professional, Scientific & Technical Services; Retail Trade; Transportation & Warehousing; and Wholesale Trade. The one industry reporting a decrease in business activity for the month of November is Finance & Insurance.

Business Activity

%Higher

%Same

%Lower

Index

Nov 2022

33.4

56.9

9.7

64.7

Oct 2022

28.8

53.0

18.2

55.7

Sep 2022

32.5

56.7

10.8

59.1

Aug 2022

27.6

59.7

12.7

60.9

New Orders

ISM®'s New Orders Index registered 56 percent, down 0.5 percentage point from the October practicing of 56.5 percent. New orders grew for the 30th consecutive month after two months of contraction and a preceding period of 128 months of expansion. Comments from respondents include: "New customers added as our business continues to grow" and "Starting new fiscal year; ramping up projects."

Twelve industries reported growth of new orders in November, in the following order: Real Estate, Rental & Leasing; Other Services; Retail Trade; Accommodation & Food Services; Agriculture, Forestry, Fishing & Hunting; Mining; Public Administration; Transportation & Warehousing; Health Care & Social Assistance; Construction; Professional, Scientific & Technical Services; and Utilities. The four industries reporting a decrease in new orders in November are: Management of Companies & Support Services; Wholesale Trade; Information; and Educational Services.

New Orders

%Higher

%Same

%Lower

Index

Nov 2022

30.4

49.6

20.0

56.0

Oct 2022

29.3

52.1

18.6

56.5

Sep 2022

36.8

52.4

10.8

60.6

Aug 2022

30.1

55.7

14.2

61.8

Employment

Employment activity in the services sector grew in November after contracting in October. ISM®'s Employment Index registered 51.5 percent, up 2.4 percentage points from the October practicing of 49.1 percent. Comments from respondents include: "Slow improvement in staffing levels" and "Recruitment fairs have helped enable open positions to be filled."

The nine industries reporting an increase in employment in November — listed in order — are: Mining; Retail Trade; Agriculture, Forestry, Fishing & Hunting; Arts, Entertainment & Recreation; Construction; Public Administration; Health Care & Social Assistance; Professional, Scientific & Technical Services; and Utilities. The six industries reporting a decrease in employment in November — listed in order — are: Management of Companies & Support Services; Transportation & Warehousing; Accommodation & Food Services; Information; Educational Services; and Finance & Insurance.

Employment

%Higher

%Same

%Lower

Index

Nov 2022

21.3

57.9

20.8

51.5

Oct 2022

21.3

54.2

24.5

49.1

Sep 2022

23.7

58.4

17.9

53.0

Aug 2022

20.4

57.2

22.4

50.2

Supplier Deliveries

The provider Deliveries Index registered 53.8 percent, down 2.4 percentage points from the 56.2 percent recorded in October. A practicing above 50 percent indicates slower deliveries, while a practicing below 50 percent indicates faster deliveries. Comments from respondents include: "Supply chain issues easing" and "Reduced production times and transit times."

The nine industries reporting slower deliveries in November — listed in order — are: Real Estate, Rental & Leasing; Mining; Health Care & Social Assistance; Construction; Finance & Insurance; Educational Services; Other Services; Transportation & Warehousing; and Utilities. The six industries reporting faster provider deliveries for the month of November — listed in order — are: Wholesale Trade; Retail Trade; Arts, Entertainment & Recreation; Accommodation & Food Services; Information; and Professional, Scientific & Technical Services.

Supplier Deliveries

%Slower

%Same

%Faster

Index

Nov 2022

17.8

71.9

10.3

53.8

Oct 2022

18.8

74.8

6.4

56.2

Sep 2022

18.1

71.6

10.3

53.9

Aug 2022

20.6

67.8

11.6

54.5

Inventories

The Inventories Index contracted in November for the sixth consecutive month after four straight months of growth preceded by an eight-month period of contraction. The practicing of 47.9 percent was a 0.7-percentage point increase from the 47.2 percent reported in October. Of the total respondents in November, 34 percent indicated they do not have inventories or do not measure them. Comments from respondents include: "Trying to unload back stock purchased during provider shortage period" and "Supply chain is improving; production and services are up." Also: "No need to stock up more than needed, as inventory is being used faster than expected."

The nine industries reporting an increase in inventories in November — listed in order — are: Arts, Entertainment & Recreation; Public Administration; Agriculture, Forestry, Fishing & Hunting; Utilities; Information; Wholesale Trade; Educational Services; Health Care & Social Assistance; and Professional, Scientific & Technical Services. The six industries reporting a decrease in inventories in November — listed in order — are: Accommodation & Food Services; Real Estate, Rental & Leasing; Management of Companies & Support Services; Mining; Retail Trade; and Construction.

Inventories

%Higher

%Same

%Lower

Index

Nov 2022

17.2

61.4

21.4

47.9

Oct 2022

17.3

59.8

22.9

47.2

Sep 2022

14.2

59.8

26.0

44.1

Aug 2022

13.9

64.5

21.6

46.2

Prices

Prices paid by services organizations for materials and services increased in November for the 66th consecutive month, with the index registering 70 percent, 0.7 percentage point lower than the 70.7 percent recorded in October. The Prices Index continues to indicate movement toward equilibrium, with a fifth consecutive practicing near or below 70 percent, following nine straight months of readings above 80 percent.

Sixteen services industries reported an increase in prices paid during the month of November, in the following order: Accommodation & Food Services; Real Estate, Rental & Leasing; Health Care & Social Assistance; Management of Companies & Support Services; Public Administration; Educational Services; Utilities; Information; Agriculture, Forestry, Fishing & Hunting; Other Services; Professional, Scientific & Technical Services; Arts, Entertainment & Recreation; Mining; Retail Trade; Transportation & Warehousing; and Finance & Insurance. The two industries reporting prices unchanged in the month of November are: Wholesale Trade; and Construction. No industry reported a decrease in prices for November.

Prices

%Higher

%Same

%Lower

Index

Nov 2022

42.7

50.7

6.6

70.0

Oct 2022

47.5

45.6

6.9

70.7

Sep 2022

42.6

51.2

6.2

68.7

Aug 2022

49.3

42.6

8.1

71.5

NOTE: Commodities reported as up in price and down in price are listed in the commodities section of this report.

Backlog of Orders

The ISM® Services Backlog of Orders Index grew in November for the 23rd consecutive month. The index registered 51.8 percent, 0.4 percentage point lower than the October practicing of 52.2 percent. Of the total respondents in November, 32 percent indicated they do not measure backlog of orders. Respondent comments include: "Supply chain transportation improvements" and "Slightly more capacity in the supply chain."

The eight industries reporting an increase in order backlogs in November — listed in order — are: Accommodation & Food Services; Real Estate, Rental & Leasing; Information; Other Services; Educational Services; Health Care & Social Assistance; Construction; and Professional, Scientific & Technical Services. The five industries reporting a decrease in order backlogs in November are: Management of Companies & Support Services; Finance & Insurance; Public Administration; Wholesale Trade; and Utilities.

Backlog of Orders

%Higher

%Same

%Lower

Index

Nov 2022

19.4

64.7

15.9

51.8

Oct 2022

25.2

53.9

20.9

52.2

Sep 2022

23.2

58.5

18.3

52.5

Aug 2022

21.7

64.5

13.8

53.9

New Export Orders

Orders and requests for services and other non-manufacturing activities to be provided outside of the U.S. by domestically based companies contracted in November for the second consecutive month after an eight-month period of growth. The New Export Orders Index registered 38.4 percent, its lowest practicing since April 2020 (36.3 percent) and a 9.3-percentage point decrease from the 47.7 percent reported in October. Of the total respondents in November, 78 percent indicated they do not perform, or do not separately measure, orders for work outside of the U.S.

The three industries reporting an increase in new export orders in November are: Mining; Utilities; and Wholesale Trade. The eight industries reporting a decrease in new export orders in November — listed in order — are: Real Estate, Rental & Leasing; Management of Companies & Support Services; Construction; Agriculture, Forestry, Fishing & Hunting; Other Services; Accommodation & Food Services; Educational Services; and Transportation & Warehousing. Seven industries indicated no change in new export orders in November.

New Export Orders

%Higher

%Same

%Lower

Index

Nov 2022

9.1

58.6

32.3

38.4

Oct 2022

15.1

65.1

19.8

47.7

Sep 2022

35.0

60.2

4.8

65.1

Aug 2022

26.5

70.9

2.6

61.9

Imports

The Imports Index grew for the third consecutive month in November after three previous months of contraction, registering 59.5 percent, up 9.1 percentage points from October's practicing of 50.4 percent. Seventy-five percent of respondents reported that they do not use, or do not track the use of, imported materials.

The six industries reporting an increase in imports for the month of November — listed in order — are: Real Estate, Rental & Leasing; Information; Retail Trade; Construction; Wholesale Trade; and Utilities. The five industries that reported a decrease in imports in November are: Arts, Entertainment & Recreation; Agriculture, Forestry, Fishing & Hunting; Accommodation & Food Services; Educational Services; and Health Care & Social Assistance. Seven industries reported no change in imports in November.

Imports

%Higher

%Same

%Lower

Index

Nov 2022

25.3

68.4

6.3

59.5

Oct 2022

5.7

89.3

5.0

50.4

Sep 2022

10.1

82.4

7.5

51.3

Aug 2022

8.0

80.3

11.7

48.2

Inventory Sentiment

The ISM® Services Inventory Sentiment Index contracted in November for the fourth straight month and the 18th time in the last 20 months. The index registered 44.2 percent, a 2.2-percentage point decrease from October's figure of 46.4 percent. This practicing indicates that respondents feel their inventories are too low when correlated to business activity levels.

The eight industries reporting sentiment that their inventories were too high in November — listed in order — are: Accommodation & Food Services; Arts, Entertainment & Recreation; Wholesale Trade; Retail Trade; Agriculture, Forestry, Fishing & Hunting; Construction; Health Care & Social Assistance; and Utilities. The five industries reporting a feeling that their inventories were too low in November are: Real Estate, Rental & Leasing; Other Services; Management of Companies & Support Services; Professional, Scientific & Technical Services; and Educational Services.

Inventory Sentiment

%Too High

%About Right

%Too Low

Index

Nov 2022

16.8

54.7

28.5

44.2

Oct 2022

19.7

53.4

26.9

46.4

Sep 2022

18.9

56.5

24.6

47.2

Aug 2022

22.9

48.3

28.8

47.1

About This Report

DO NOT CONFUSE THIS NATIONAL REPORT with the various regional purchasing reports released across the country. The national report's information reflects the entire U.S., while the regional reports contain primarily regional data from their local vicinities. Also, the information in the regional reports is not used in calculating the results of the national report. The information compiled in this report is for the month of November 2022.

The data presented herein is obtained from a survey of supply executives in the services sector based on information they have collected within their respective organizations. ISM® makes no representation, other than that stated within this release, regarding the individual company data collection procedures. The data should be compared to all other economic data sources when used in decision-making.

Data and Method of Presentation

The Services ISM® Report On Business® (formerly the Non-Manufacturing ISM® Report On Business®) is based on data compiled from purchasing and supply executives nationwide. Membership of the Services Business Survey Committee (formerly Non-Manufacturing Business Survey Committee) is diversified by NAICS, based on each industry's contribution to gross domestic product (GDP). The Services Business Survey Committee responses are divided into the following NAICS code categories: Agriculture, Forestry, Fishing & Hunting; Mining; Utilities; Construction; Wholesale Trade; Retail Trade; Transportation & Warehousing; Information; Finance & Insurance; Real Estate, Rental & Leasing; Professional, Scientific & Technical Services; Management of Companies & Support Services; Educational Services; Health Care & Social Assistance; Arts, Entertainment & Recreation; Accommodation & Food Services; Public Administration; and Other Services (services such as Equipment & Machinery Repairing; Promoting or Administering Religious Activities; Grantmaking; Advocacy; and Providing Dry-Cleaning & Laundry Services, Personal Care Services, Death Care Services, Pet Care Services, Photofinishing Services, Temporary Parking Services, and Dating Services). The data are weighted based on each industry's contribution to GDP. According to the BEA estimates for 2020 GDP (released December 22, 2021), the six largest services sectors are: Real Estate, Rental & Leasing; Government; Professional, Scientific, & Technical Services; Health Care & Social Assistance; Information; and Finance & Insurance. Beginning in February 2020 with January 2020 data, computation of the indexes is accomplished utilizing unrounded numbers.

Survey responses reflect the change, if any, in the current month compared to the previous month. For each of the indicators measured (Business Activity, New Orders, Backlog of Orders, New Export Orders, Inventory Change, Inventory Sentiment, Imports, Prices, Employment and provider Deliveries), this report shows the percentage reporting each response and the diffusion index. Responses represent raw data and are never changed. Data is seasonally adjusted for Business Activity, New Orders, Prices and Employment. All seasonal adjustment factors are subject annually to relatively minor changes when conditions warrant them. The remaining indexes have not indicated significant seasonality.

The Services PMI® is a composite index based on the diffusion indexes for four of the indicators with equal weights: Business Activity (seasonally adjusted), New Orders (seasonally adjusted), Employment (seasonally adjusted) and provider Deliveries. Diffusion indexes have the properties of leading indicators and are convenient summary measures showing the prevailing direction of change and the scope of change. An index practicing above 50 percent indicates that the services economy is generally expanding; below 50 percent indicates that it is generally declining. provider Deliveries is an exception. A provider Deliveries Index above 50 percent indicates slower deliveries and below 50 percent indicates faster deliveries.

A Services PMI® above 50.1 percent, over time, indicates that the overall economy, or gross domestic product (GDP), is generally expanding; below 50.1 percent, it is generally declining. The distance from 50 percent or 50.1 percent is indicative of the strength of the expansion or decline.

The Services ISM® Report On Business® survey is sent out to Services Business Survey Committee respondents the first part of each month. Respondents are asked to ONLY report on U.S. operations for the current month. ISM® receives survey responses throughout most of any given month, with the majority of respondents generally waiting until late in the month to submit responses to supply the most accurate picture of current business activity. ISM® then compiles the report for release on the third business day of the following month.

The industries reporting growth, as indicated in the Services ISM® Report On Business® monthly report, are listed in the order of most growth to least growth. For the industries reporting contraction or decreases, those are listed in the order of the highest level of contraction/decrease to the least level of contraction/decrease.

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About Institute for Supply Management®

Institute for Supply Management® (ISM®) serves supply management professionals in more than 90 countries. Its 50,000 members around the world manage about US$1 trillion in corporate and government supply chain procurement annually. Founded in 1915 as the first supply management institute in the world, ISM is committed to advancing the practice of supply management to drive value and competitive advantage for its members, contributing to a prosperous and sustainable world. ISM leads the profession through the ISM® Report On Business®, its highly regarded certification programs and the ISM® Advance Digital Platform. This report has been issued by the association since 1931, except for a four-year interruption during World War II.

The full text version of the Services ISM® Report On Business® is posted on ISM®'s website at www.ismrob.org on the third business day* of every month after 10:00 a.m. ET.

The next Services ISM® Report On Business® featuring December 2022 data will be released at 10:00 a.m. ET on Friday, January 6, 2023.

*Unless the New York Stock Exchange is closed.

Contact:

Kristina Cahill

Report On Business® Analyst

ISM®, ROB/Research Manager

Tempe, Arizona

+1 480.455.5910

Email: kcahill@ismworld.org

Institute for Supply Management logo. (PRNewsFoto/Institute for Supply Management) (PRNewsfoto/Institute for Supply Management)

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View original content to get multimedia:https://www.prnewswire.com/news-releases/services-pmi-at-56-5-november-2022-services-ism-report-on-business-301694620.html

SOURCE Institute for Supply Management

Sun, 04 Dec 2022 17:00:00 -0600 en-GB text/html https://uk.news.yahoo.com/services-pmi-56-5-november-150000512.html
Killexams : U.S. services industry perks up; factory orders jump No result found, try new keyword!U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy as it braces for an anticipated recession ... Mon, 05 Dec 2022 02:27:00 -0600 text/html https://www.nasdaq.com/articles/u.s.-services-industry-perks-up-factory-orders-jump Killexams : U.S. services industry regains steam; factory orders accelerate FILE PHOTO: Black Friday sales begin at the King of Prussia shopping mall in Pennsylvania © Thomson Reuters FILE PHOTO: Black Friday sales begin at the King of Prussia shopping mall in Pennsylvania

By Lucia Mutikani

WASHINGTON (Reuters) - U.S. services industry activity unexpectedly picked up in November, with employment rebounding, offering more evidence of underlying momentum in the economy as it braces for an anticipated recession next year.

The survey from the Institute for Supply Management (ISM) on Monday followed on the heels of news last Friday that the economy continued to create jobs at a solid clip in November, with wage growth accelerating. Consumer spending also rose strongly in October.

The flow of strong data raises the risk that the Federal Reserve will continue hiking interest rates and lift its policy rate to a higher level than the recently projected 4.6%, where it could stay for sometime. The U.S. central bank's rate-hiking cycle is the fastest since the 1980s.

FILE PHOTO: A barista makes coffee for a customer in Houston © Thomson Reuters FILE PHOTO: A barista makes coffee for a customer in Houston

"While that's good news for the growth outlook, it's not so great for the Fed trying to dampen demand and ease inflation," Priscilla Thiagamoorthy, an economist at BMO Capital Markets in Toronto, said of the data.

The ISM said its non-manufacturing PMI increased to 56.5 last month from 54.4 in October. It was boosted by a surge in business activity to an 11-month high. Comments from businesses included "gaining more business" and "demand for our services is increasing."

Economists polled by Reuters had forecast the non-manufacturing PMI slipping to 53.3. A practicing above 50 indicates expansion in the services sector, which accounts for more than two-thirds of U.S. economic activity.

Economists shrugged off a survey from S&P Global confirming its services PMI was stuck in contraction territory in November.

"We see overall still-strong ISM services as a better indicator of real activity than the much lower S&P services PMI," said Veronica Clark, an economist at Citi group in New York.

The Fed has raised its policy rate by 375 basis points this year from near zero to a 3.75%-4.00% range.

Thirteen services industries including construction, healthcare and social assistance, retail trade as well as professional, scientific and technical services reported growth last month. But information, wholesale trade and management of companies and support services reported a decline.

Companies in the construction industry reported that "new business requests are solid."

Professional, scientific and technical services firms noted that though job openings continued to decrease, opportunity for growth remained "with demand for top talent still high and availability still rather scarce."

Retailers reported business as "stable." Wholesalers said "business volume appears to be leveling out based on a month-over-month comparison, although we are up significantly when compared to the same month last year."

Finding workers remained a challenge for transportation and warehousing companies.

The solid economic data have raised optimism that the widely feared economic downturn in 2023 would be short and mild. Some economists are even betting that a recession could be avoided, with growth just slowing sharply.

The acceleration in services industry activity confirms that spending is shifting away from goods and that the inflation baton has been handed over to services, indicating that overall price pressures in the economy could take a while to subside.

Manufacturing activity contracted in November for the first time in 2-1/2 years, the ISM reported last week. Economists said a weighted average of the services and manufacturing PMIs was consistent with a 2% annualized economic growth pace this quarter. The economy grew at a 2.9% rate in the third quarter.

Stocks on Wall Street were trading lower. The dollar rose against a basket of currencies. U.S. Treasury prices fell.

SLOW INFLATION DESCENT

But the weakness in manufacturing, which accounts for 11.3% of the U.S. economy, is not yet evident in the so-called hard data.

A report from the Commerce Department on Monday showed factory orders jumped 1.0% in October after rising 0.3% in September. Economists had forecast orders advancing 0.7%. Orders shot up 12.8% on a year-on-year basis in October.

October's jump in factory orders was driven by a 2.2% rise in bookings for transportation equipment, which followed a 2.3% increase in September. Transportation equipment orders were boosted by increases in orders for both defense and civilian aircraft. Motor vehicle orders rebounded 1.7%.

Orders for machinery rose 1.5%. There were also solid gains in orders for computers and electronic products as well as electrical equipment, appliances and components.

In November, the ISM's measure of services industry employment increased to 51.5 from 49.1 in October. But with orders stagnating, further gains are likely to be limited.

The survey's gauge of new orders received by services businesses dipped to 56.0 from 56.5 in October. Exports tumbled to the lowest level since April 2020, likely because of slowing global growth and a strong dollar.

A measure of prices paid by services industries for inputs slipped to 70.0 from 70.7 in October as supply continued to improve. The survey's measure of services industry provider deliveries fell to 53.8 from 56.2 in October.

A practicing above 50 indicates slower deliveries. Businesses continued to whittle down the backlog of unfinished work.

"Even as we see a reprieve in goods prices, the slow descent in the larger services sector speaks to the fact that it will take time for inflation to return to target and that the Fed still has work to do in its fight against inflation," said Shannon Seery, an economist at Wells Fargo in New York.

(Reporting By Lucia Mutikani; Editing by Chizu Nomiyama and Andrea Ricci)

Mon, 05 Dec 2022 10:12:39 -0600 en-US text/html https://www.msn.com/en-us/money/markets/us-services-industry-regains-steam-factory-orders-accelerate/ar-AA14WJ6P
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