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Exam Code: PgMP Practice exam 2022 by Killexams.com team PgMP PgMP I. Strategic Program Management (11 tasks) 15%
II. Program Life Cycle (35 tasks) 44%
- Initiating (6 tasks) 6%
- Planning (9 tasks) 11%
- Executing (9 tasks) 14%
- Controlling (6 tasks) 10%
- Closing (5 tasks) 3%
III. Benefits Management (8 tasks) 11%
IV. Stakeholder Management (7 tasks) 16%
V. Governance (11 tasks) 14%
Perform an initial program assessment by defining the program objectives, requirements, and risks in order to ensure program
alignment with the organizations strategic plan, objectives, priorities, vision, and mission statement.
Establish a high-level road map with milestones and preliminary estimates in order to obtain initial validation and approval from the executive sponsor.
Define the high-level road map/framework in order to set a baseline for program definition, planning, and execution.
Task 4 Define the program mission statement by evaluating the stakeholders concerns and expectations in order to establish program direction.
Evaluate the organizations capability by consulting with organizational leaders in order to develop, validate, and assess the
program objectives, priority, feasibility, readiness, and alignment to the organizations strategic plan.
Identify organizational benefits for the potential program using research methods such as market analysis and high-level cost-benefit analysis in order to develop the preliminary program scope and define benefits realization plan.
Estimate the high level financial and nonfinancial benefits of the program in order to obtain/maintain funding authorization and drive prioritization of projects within the program.
Evaluate program objectives relative to regulatory and legal constraints, social impacts, sustainability, cultural considerations, political climate, and ethical concerns in order to ensure stakeholder alignment and program deliverability.
Obtain organizational leadership approval for the program by presenting the program charter with its high-level costs, milestone
schedule and benefits in order to receive authorization to initiate the program.
Identify and evaluate integration opportunities and needs (for example, human capital and human resource requirements and skill sets, facilities, finance, assets, processes, and systems) within program activities and operational activities in order to align and integrate benefits within or across the organization.
Knowledge specific to Domain 1
(*Indicates knowledge is found in one other domain, shown in parentheses)
Business/organization objectives* (V)
Financial measurement and management techniques
Intellectual property laws and guidelines
Legal and regulatory requirements
Program and constituent project charter development* (II)
Program mission and vision
Public relations* (IV)
Requirement analysis techniques
Strategic planning and analysis* (II)
System implementation models and methodologies
Task 1 Develop program charter using input from all stakeholders, including
sponsors, in order to initiate and design program and benefits.
Task 2 Translate strategic objectives into high-level program scope
statements by negotiating with stakeholders, including sponsors, in
order to create a program scope description.
Task 3 Develop a high-level milestone plan using the goals and objectives of
the program, applicable historical information, and other available
resources (for example, work breakdown structure (WBS), scope
statements, benefits realization plan) in order to align the program with
the expectations of stakeholders, including sponsors.
Task 4 Develop an accountability matrix by identifying and assigning program
roles and responsibilities in order to build the core team and to
differentiate between the program and project resources.
Task 5 Define standard measurement criteria for success for all constituent
projects by analyzing stakeholder expectations and requirements
across the constituent projects in order to monitor and control the
Task 6 Conduct program kick-off with key stakeholders by holding meetings
in order to familiarize the organization with the program and obtain
Task 7 Develop a detailed program scope statement by incorporating program
vision and all internal and external objectives, goals, influences, and
variables in order to facilitate overall planning.
Task 8 Develop program WBS in order to determine, plan, and assign the
program tasks and deliverables.
Task 9 Establish the program management plan and schedule by integrating
plans for constituent projects and creating plans for supporting
program functions (for example, quality, risk, communication,
resources) in order to effectively forecast, monitor, and identify
variances during program execution.
Task 10 Optimize the program management plan by identifying, reviewing, and
leveling resource requirements (for example, human resources,
materials, equipment, facilities, finance) in order to gain efficiencies
and maximize productivity/synergies among constituent projects.
Task 11 Define project management information system (PMIS) by selecting
tools and processes to share knowledge, intellectual property, and
documentation across constituent projects in order to maximize
synergies and savings in accordance with the governance model.
Task 12 Identify and manage unresolved project-level issues by establishing a
monitoring and escalation mechanism and selecting a course of action
consistent with program constraints and objectives in order to achieve
Task 13 Develop the transition/integration/closure plan by defining exit criteria
in order to ensure all administrative, commercial, and contractual
obligations are met upon program completion.
Task 14 Develop key performance indicators (KPIs) by using decomposition/
mapping/ balanced score card (BSC) in order to implement scope and
quality management system within program.
Task 15 Monitor key human resources for program and project roles, including
subcontractors, and identify opportunities to Boost team motivation
(for example, develop compensation, incentive, and career alignment
plans) and negotiate contracts in order to meet and/or exceed benefits
Task 16 Charter and initiate constituent projects by assigning project
managers and allocating appropriate resources in order to achieve
Task 17 Establish consistency by deploying uniform standards, resources,
infrastructure, tools, and processes in order to enable informed
program decision making.
Task 18 Establish a communication feedback process in order to capture
lessons learned and the teams experiences throughout the program.
Task 19 Lead human resource functions by training, coaching, mentoring, and
recognizing the team in order to Boost team engagement and
achieve commitment to the programs goals.
Task 20 Review project managers performance in executing the project in
accordance with the project plan in order to maximize their
contribution to achieving program goals.
Task 21 Execute the appropriate program management plans (for example,
quality, risk, communication, resourcing) using the tools identified in
the planning phase and by auditing the results in order to ensure the
program outcomes meet stakeholder expectations and standards.
Task 22 Consolidate project and program data using predefined program plan
reporting tools and methods in order to monitor and control the
program performance and communicate to stakeholders.
Task 23 Evaluate the programs status in order to monitor and control the
program while maintaining current program information.
Task 24 Approve closure of constituent projects upon completion of defined
deliverables in order to ensure scope is compliant with the functional
Task 25 Analyze variances and trends in costs, schedule, quality, and risks by
comparing genuine and forecast to planned values in order to identify
corrective actions or opportunities.
Task 26 Update program plans by incorporating corrective actions to ensure
program resources are employed effectively in order to meet program
Task 27 Manage program level issues (for example, human resource
management, financial, technology, scheduling) by identifying and
selecting a course of action consistent with program scope,
constraints, and objectives in order to achieve program benefits.
Task 28 Manage changes in accordance with the change management plan in
order to control scope, quality, schedule, cost, contracts, risks, and
Task 29 Conduct impact assessments for program changes and recommend
decisions in order to obtain approval in accordance with the
Task 30 Manage risk in accordance with the risk management plan in order to
ensure benefits realization.
Task 31 Complete a program performance analysis report by comparing final
values to planned values for scope, quality, cost, schedule, and
resource data in order to determine program performance.
Task 32 Obtain stakeholder approval for program closure in order to initiate
Task 33 Execute the transition and/or close-out of all program and constituent
project plans (for example, perform administrative and PMIS program
closure, archive program documents and lessons learned, and transfer
ongoing activities to functional organization) in order to meet program
objectives and/or ongoing operational sustainability.
Task 34 Conduct the post-review meeting by presenting the program
performance report in order to obtain feedback and capture lessons
Task 35 Report lessons learned and best practices observed and archive to the
knowledge repository in order to support future programs and
Knowledge Specific to Domain 2
(*Indicates knowledge is found in one other domain, shown in parentheses)
Closeout plans, procedures, techniques and policies* (5)
Decomposition techniques (for example, work breakdown structure (WBS))
Financial closure processes* (V)
Performance and quality metrics* (III)
Phase gate reviews* (V)
Product/service development phases
Program and constituent project charter development* (I)
Program and project change requests* (V)
Program initiation plan
Program management plans
Quality control and management tools and techniques
Resource estimation (human and material)
Resource leveling techniques
Root cause analysis
Schedule management, techniques, and tools
Service level agreements
Statistical analysis* (V)
Strategic planning and analysis* (I)
Team competency assessment techniques
Training methodologies* (IV)
Task 1 Develop the benefits realization plan and its measurement criteria in
order to set the baseline for the program and communicate to
stakeholders, including sponsors.
Task 2 Identify and capture synergies and efficiencies identified throughout
the program life cycle in order to update and communicate the
benefits realization plan to stakeholders, including sponsors.
Task 3 Develop a sustainment plan that identifies the processes, measures,
metrics, and tools necessary for management of benefits beyond the
completion of the program in order to ensure the continued realization
of intended benefits.
Task 4 Monitor the metrics (for example, by forecasting, analyzing variances,
developing “what if” scenarios and simulations, and utilizing causal
analysis) in order to take corrective actions in the program and
maintain and/or potentially Boost benefits realization.
Task 5 Verify that the close, transition, and integration of constituent projects
and the program meet or exceed the benefit realization criteria in order
to achieve programs strategic objectives.
Task 6 Maintain a benefit register and record program progress in order to
report the benefit to stakeholders via the communications plan.
Task 7 Analyze and update the benefits realization and sustainment plans for
uncertainty, risk identification, risk mitigation, and risk opportunity in
order to determine if corrective actions are necessary and
communicate to stakeholders.
Task 8 Develop a transition plan to operations in order to guarantee
sustainment of products and benefits delivered by the program.
Knowledge Specific to Domain III
(*Indicates knowledge is found in one other domain, shown in parentheses)
Business value measurement
Decision tree analysis
Maintenance and sustainment of program benefits post delivery
Performance and quality metrics* (II)
Program transition strategies
Task 1 Identify stakeholders, including sponsors, and create the stakeholder
matrix in order to document their position relative to the program.
Task 2 Perform stakeholder analysis through historical analysis, personal
experience, interviews, knowledge base, review of formal agreements
(for example, request for proposal (RFP), request for information (RFI),
contracts), and input from other sources in order to create the
stakeholder management plan.
Task 3 Negotiate the support of stakeholders, including sponsors, for the
program while setting clear expectations and acceptance criteria (for
example, KPIs) for the program benefits in order to achieve and
maintain their alignment to the program objectives.
Task 4 Generate and maintain visibility for the program and confirm
stakeholder support in order to achieve the programs strategic
Task 5 Define and maintain communications adapted to different
stakeholders, including sponsors, in order to ensure their support for
Task 6 Evaluate risks identified by stakeholders, including sponsors, and
incorporate them in the program risk management plan, as necessary.
Task 7 Develop and foster relationships with stakeholders, including
sponsors, in order to Boost communication and enhance their
support for the program.
Knowledge Specific to Domain IV
(*Indicates knowledge is found in one other domain, shown in parentheses)
Customer relationship management
Customer satisfaction measurement
Public relations* (I)
Training methodologies* (II)
Task 1 Develop program and project management standards and structure
(governance, tools, finance, and reporting) using industry best
practices and organizational standards in order to drive efficiency and
consistency among projects and deliver program objectives.
Task 2 Select a governance model structure including policies, procedures,
and standards that conforms program practices with the
organizations governance structure in order to deliver program
objectives consistent with organizational governance requirements.
Task 3 Obtain authorization(s) and approval(s) through stage gate reviews by
presenting the program status to governance authorities in order to
proceed to the next phase of the program.
Task 4 Evaluate key performance indicators (for example, risks, financials,
compliance, quality, safety, stakeholder satisfaction) in order to
monitor benefits throughout the program life cycle.
Task 5 Develop and/or utilize the program management information system),
and integrate different processes as needed, in order to manage
program information and communicate status to stakeholders.
Task 6 Regularly evaluate new and existing risks that impact strategic
objectives in order to present an updated risk management plan to the
governance board for approval.
Task 7 Establish escalation policies and procedures in order to ensure risks
are handled at the appropriate level.
Task 8 Develop and/or contribute to an information repository containing
program-related lessons learned, processes, and documentation
contributions in order to support organizational best practices.
Task 9 Identify and apply lessons learned in order to support and influence
existing and future program or organizational improvement.
Task 10 Monitor the business environment, program functionality
requirements, and benefits realization in order to ensure the program
remains aligned with strategic objectives.
Task 11 Develop and support the program integration management plan in
order to ensure operational alignment with program strategic
Knowledge Specific to Domain V
(*Indicates knowledge is found in one other domain, shown in parentheses)
Archiving tools and techniques
Business/organization objectives* (I)
Closeout plans, procedures, techniques and policies* (II)
Composition and responsibilities of the program management office (PMO)
Financial closure processes* (II)
Go/no-go decision criteria
Governance processes and procedures
Metrics definition and measurement techniques
Performance analysis and reporting techniques (for example, earned value analysis (EVA))
Phase gate reviews* (II)
Program and project change requests* (II)
Statistical analysis* (II)
Benefits measurement and analysis techniques
Budget processes and procedures
Business models, structure, and organization
Coaching and mentoring techniques
Collaboration tools and techniques
Communication tools and techniques
Conflict resolution techniques
Data analysis/data mining
Human resource management
Impact assessment techniques
Industry and market knowledge
Leadership theories and techniques
Negotiation strategies and techniques
Organization strategic plan and vision
Performance management techniques (for example, cost and time, performance against objectives)
Planning theory, techniques, and procedures
PMI Code of Ethics and Professional Conduct
Presentation tools and techniques
Problem-solving tools and techniques
Project Management Information Systems (PMIS)
Reporting tools and techniques
Risk analysis techniques
Risk mitigation and opportunities strategies
Safety standards and procedures
Sustainability and environmental issues
Team development and dynamics Active listening
Customer centricity/client focus
Distilling and synthesizing requirements
Interpersonal interaction and relationship management
Managing virtual/multicultural/remote/global teams
Maximizing resources/achieving synergies
Stakeholder analysis and management
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New Orders and Employment Contracting; Production and Backlogs Growing; supplier Deliveries Slowing at a Slower Rate; Raw Materials Inventories Growing; Customers' Inventories Too Low; Prices Increasing at a Slower Rate; Exports Contracting; Imports Growing
TEMPE, Ariz., Oct. 3, 2022 /PRNewswire/ -- Economic activity in the manufacturing sector grew inSeptember, with the overall economy achieving a 28th consecutive month of growth, say the nation's supply executives in the latest Manufacturing ISM® Report On Business®.
The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee:
"The September Manufacturing PMI® registered 50.9 percent, 1.9 percentage points lower than the 52.8 percent recorded in August. This figure indicates expansion in the overall economy for the 28th month in a row after contraction in April and May 2020. The Manufacturing PMI® figure is the lowest since May 2020, when it registered 43.5 percent. The New Orders Index returned to contraction territory at 47.1 percent, 4.2 percentage points lower than the 51.3 percent recorded in August. The Production Index reading of 50.6 percent is a 0.2-percentage point increase compared to August's figure of 50.4 percent. The Prices Index registered 51.7 percent, down 0.8 percentage point compared to the August figure of 52.5 percent. This is the index's lowest reading since June 2020 (51.3 percent). The Backlog of Orders Index registered 50.9 percent, 2.1 percentage points lower than the August reading of 53 percent. After a single month of expansion, the Employment Index contracted at 48.7 percent, 5.5 percentage points lower than the 54.2 percent recorded in August. The supplier Deliveries Index reading of 52.4 percent is 2.7 percentage points lower than the August figure of 55.1 percent. This is the index's lowest reading since before the coronavirus pandemic (52.2 percent in December 2019). The Inventories Index registered 55.5 percent, 2.4 percentage points higher than the August reading of 53.1 percent. The New Export Orders Index contracted at 47.8 percent, down 1.6 percentage points compared to August's figure of 49.4 percent. This is the index's lowest reading since June 2020, when it registered 47.6 percent. The Imports Index remained in expansion territory at 52.6 percent, 0.1 percentage point above the August reading of 52.5 percent."
Fiore continues, "The U.S. manufacturing sector continues to expand, but at the lowest rate since the pandemic recovery began. Following four straight months of panelists' companies reporting softening new orders rates, the September index reading reflects companies adjusting to potential future lower demand. Demand eased, with the (1) New Orders Index returning to contraction, (2) New Export Orders Index in contraction for a second consecutive month, (3) Customers' Inventories Index remaining at a low level but as close as it's been to an 'about right' reading since early in the pandemic and (4) Backlog of Orders Index approaching contraction. Consumption (measured by the Production and Employment indexes) declined during the period, with a combined negative 5.3-percentage point impact on the Manufacturing PMI® calculation. The Employment Index returned to contraction after one month of expansion, and the Production Index increased by 0.2 percentage point, staying in growth territory, but at a modest level. Many Business Survey Committee panelists' companies are now managing head counts through hiring freezes and attrition to lower levels, with medium- and long-term demand more uncertain. Inputs — defined as supplier deliveries, inventories, prices and imports — accommodated growth. The supplier Deliveries Index reached an appropriate tension level, and the Inventories Index increased as panelists' companies continued to manage the total supply chain inventory. The Prices Index decreased for a sixth straight month and is not far from contraction territory, and the Imports Index modestly grew.
"Of the six biggest manufacturing industries, four — Machinery; Transportation Equipment; Food, Beverage & Tobacco Products; and Computer & Electronic Products — registered moderate-to-strong growth in September.
"Manufacturing expanded for the 28th straight month. Panelists' companies slowed hiring activity; month-over-month supplier delivery performance was the best since December 2019; prices growth slowed notably (with the index at 60 percent or lower) for the third consecutive month; and lead times continue to ease for capital equipment and production materials. Markedly absent from panelists' comments was any large-scale mentioning of layoffs; this indicates companies are confident of near-term demand, so primary goals are managing medium-term head counts and supply chain inventories," says Fiore.
Nine manufacturing industries reported growth in September, in the following order: Nonmetallic Mineral Products; Machinery; Plastics & Rubber Products; Miscellaneous Manufacturing; Apparel, Leather & Allied Products; Transportation Equipment; Food, Beverage & Tobacco Products; Computer & Electronic Products; and Electrical Equipment, Appliances & Components. The seven industries reporting contraction in September compared to August, in the following order are: Furniture & Related Products; Textile Mills; Wood Products; Printing & Related Support Activities; Paper Products; Chemical Products; and Fabricated Metal Products.
WHAT RESPONDENTS ARE SAYING
"Supply chain issues for all electronic components and custom build-to-print materials are in short supply due to capacity and skilled labor shortages. Energy cost continues to negatively impact freight cost." [Computer & Electronic Products]
"Concerns of global economic slowdown are growing, and (we are) experiencing some customers pulling back orders." [Chemical Products]
"Production is steady, allowing reduction of backlog amidst slightly softened demand." [Transportation Equipment]
"Almost all suppliers are experiencing lead times growth. It seems no one wants to keep inventory on hand anymore." [Food, Beverage & Tobacco Products]
"Business is flat to down due to inflation and interest rates. Hard to find and keep employees due to wage increases by competitors." [Fabricated Metal Products]
"Supply chain constraints on many items are still an issue; staffing on the production side continues to be a significant problem. In contrast, we have more stock than needed on some key items — specifically imports — and have begun reducing open purchase orders and decreasing extended forecasts on those items in order to bleed down inventory." [Machinery]
"Business continues to be strong. Some commodities within the supply chain are starting to stabilize, while others are still causing disruption for production. Electrical and wiring components continue to cause significant issues. (We) cannot run as consistently as we would like." [Electrical Equipment, Appliances & Components]
"Quotes and orders still strong; however, we are not able to accept any new orders for shipment (for the rest of) 2022 due to motor and electronic component shortages." [Miscellaneous Manufacturing]
"The supply chain is still stressed, and it challenges our manufacturing plants for uptime. We have strong demand and need to run." [Nonmetallic Mineral Products]
"Business is still strong; raw materials are becoming more available, and some raw materials prices are falling." [Plastics & Rubber Products]
MANUFACTURING AT A GLANCE September 2022
Rate of Change
Backlog of Orders
New Export Orders
Manufacturing ISM® Report On Business® data is seasonally adjusted for the New Orders, Production, Employment and Inventories indexes. *Number of months moving in current direction.
COMMODITIES REPORTED UP/DOWN IN PRICEAND IN SHORT SUPPLY
Commodities Up in Price Adhesives; Copper; Diesel*; Electrical Components (22); Electricity; Electronic Components (22); Freight* (23); Hydraulic Components (2); Labor — Temporary; Natural Gas (15); Paint; Paper (2); Plastic Resins* (9); Rubber Based Products (14); Semiconductors; and Steel — Stainless*.
Note: The number of consecutive months the commodity is listed is indicated after each item. *Indicates both up and down in price.
SEPTEMBER 2022 MANUFACTURING INDEX SUMMARIES
Manufacturing PMI® The U.S. manufacturing sector grew in September, as the Manufacturing PMI® registered 50.9 percent, 1.9 percentage points below the reading of 52.8 percent recorded in August. "The Manufacturing PMI® continued to indicate sector expansion and U.S. economic growth in September. Of the five subindexes that directly factor into the Manufacturing PMI®, three (Production, supplier Deliveries and Inventories) were in growth territory. Of the six biggest manufacturing industries, four — Machinery; Transportation Equipment; Food, Beverage & Tobacco Products; and Computer & Electronic Products — registered moderate-to-strong growth in September. The Production Index increased 0.2 percentage point and remained in expansion territory. The supplier Deliveries Index slowed at a slower rate while the Inventories Index grew at a faster rate, indicating continued easing of supply chain congestion. Seven of the 10 subindexes were positive for the period; a reading of 'too low' for the Customers' Inventories Index is considered a positive for future production," says Fiore. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.
A Manufacturing PMI® above 48.7 percent, over a period of time, generally indicates an expansion of the overall economy. Therefore, the September Manufacturing PMI® indicates the overall economy grew in September for the 28th consecutive month following contraction in April and May 2020. "The past relationship between the Manufacturing PMI® and the overall economy indicates that the Manufacturing PMI® for September (50.9 percent) corresponds to a 0.8-percent increase in real gross domestic product (GDP) on an annualized basis," says Fiore.
THE LAST 12 MONTHS
Average for 12 months – 56.2
High – 60.8
Low – 50.9
New Orders ISM®'s New Orders Index decreased 4.2 percentage points in September to 47.1 percent compared to 51.3 percent reported in August. This indicates that new order volumes fell back into contraction after one month of expansion. "Of the six largest manufacturing sectors, three —Transportation Equipment; Computer & Electronic Products; and Machinery — increased new orders at a moderate level. The index achieved its lowest level since May 2020, when it registered 32.3 percent. Capital Expenditures and Production Materials lead times remained elevated but have contracted 4 percent and 6 percent, respectively, over the last several months," says Fiore. (For more on lead times, see the Buying Policy section of this report.) A New Orders Index above 52.9 percent, over time, is generally consistent with an increase in the Census Bureau's series on manufacturing orders (in constant 2000 dollars).
Of the 18 manufacturing industries, five reported growth in new orders in September: Nonmetallic Mineral Products; Transportation Equipment; Miscellaneous Manufacturing; Computer & Electronic Products; and Machinery. Eleven industries reported a decline in new orders in September, in the following order: Furniture & Related Products; Wood Products; Textile Mills; Printing & Related Support Activities; Apparel, Leather & Allied Products; Paper Products; Fabricated Metal Products; Chemical Products; Electrical Equipment, Appliances & Components; Primary Metals; and Food, Beverage & Tobacco Products.
Production The Production Index registered 50.6 percent in September, 0.2 percentage point higher than the August reading of 50.4 percent, indicating growth for the 28th consecutive month. "Of the top six industries, only two — Machinery; and Computer & Electronic Products — expanded in September. Materials availability and the labor pool continue to recover, but there is concern about demand beyond the near term," says Fiore. An index above 52.4 percent, over time, is generally consistent with an increase in the Federal Reserve Board's Industrial Production figures.
The eight industries reporting growth in production during the month of September — listed in order — are: Nonmetallic Mineral Products; Primary Metals; Plastics & Rubber Products; Machinery; Electrical Equipment, Appliances & Components; Miscellaneous Manufacturing; Fabricated Metal Products; and Computer & Electronic Products. The seven industries reporting a decrease in production in September — in the following order — are: Textile Mills; Printing & Related Support Activities; Furniture & Related Products; Wood Products; Petroleum & Coal Products; Chemical Products; and Food, Beverage & Tobacco Products.
Employment ISM®'s Employment Index registered 48.7 percent in September, 5.5 percentage points lower than the August reading of 54.2 percent. "The index returned to contraction territory after one month of expansion. Of the six big manufacturing sectors, two (Machinery; and Food, Beverage & Tobacco Products) expanded. Labor management sentiment shifted in September, with a higher number of panelists' companies pausing hiring through hiring freezes and allowing attrition to reduce employment levels. Turnover rates eased, with 28 percent of comments citing backfill and retirement issues, a decrease from 33 percent in August," says Fiore. An Employment Index above 50.5 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) data on manufacturing employment.
Of 18 manufacturing industries, six reported employment growth in September, in the following order: Apparel, Leather & Allied Products; Nonmetallic Mineral Products; Plastics & Rubber Products; Electrical Equipment, Appliances & Components; Machinery; and Food, Beverage & Tobacco Products. The 10 industries reporting a decrease in employment in September — in the following order — are: Printing & Related Support Activities; Paper Products; Wood Products; Furniture & Related Products; Chemical Products; Fabricated Metal Products; Primary Metals; Computer & Electronic Products; Miscellaneous Manufacturing; and Transportation Equipment.
Supplier Deliveries† The delivery performance of suppliers to manufacturing organizations was slower in September, as the supplier Deliveries Index registered 52.4 percent, 2.7 percentage points lower than the 55.1 percent reported in August. Of the top six manufacturing industries, four (Food, Beverage & Tobacco Products; Transportation Equipment; Computer & Electronic Products; and Chemical Products) reported slower deliveries. "This indicates the best month-over-month supplier deliveries performance since December 2019, when the index registered 52.2 percent. In September, 83.2 percent of panelists reported 'same' or 'faster' deliveries, compared to 80.4 percent in August. Panelists' comments reiterate that suppliers performed better in September compared to previous months," says Fiore. A reading below 50 percent indicates faster deliveries, while a reading above 50 percent indicates slower deliveries.
Ten manufacturing industries reported slower supplier deliveries in September, in the following order: Apparel, Leather & Allied Products; Printing & Related Support Activities; Textile Mills; Food, Beverage & Tobacco Products; Miscellaneous Manufacturing; Primary Metals; Transportation Equipment; Fabricated Metal Products; Computer & Electronic Products; and Chemical Products. Four industries reported faster supplier deliveries in September as compared to August: Electrical Equipment, Appliances & Components; Wood Products; Furniture & Related Products; and Plastics & Rubber Products.
Inventories The Inventories Index registered 55.5 percent in September, 2.4 percentage points higher than the 53.1 percent reported for August. "Manufacturing inventories expanded at a faster rate compared to August. Of the six big manufacturing industries, five (Petroleum & Coal Products; Machinery; Transportation Equipment; Computer & Electronic Products; and Chemical Products) grew manufacturing raw material inventories in September. Panelists' companies continue to aggressively manage total supply chain inventories through a pausing of order placement in response to slowing in new order rates," says Fiore. An Inventories Index greater than 44.4 percent, over time, is generally consistent with expansion in the Bureau of Economic Analysis (BEA) figures on overall manufacturing inventories (in chained 2000 dollars).
Of 18 manufacturing industries, the 11 reporting higher inventories in September — in the following order — are: Wood Products; Miscellaneous Manufacturing; Nonmetallic Mineral Products; Petroleum & Coal Products; Electrical Equipment, Appliances & Components; Machinery; Transportation Equipment; Furniture & Related Products; Computer & Electronic Products; Food, Beverage & Tobacco Products; and Plastics & Rubber Products. The four industries reporting contracting inventories in September are: Textile Mills; Primary Metals; Paper Products; and Fabricated Metal Products.
Customers' Inventories† ISM®'s Customers' Inventories Index registered 41.6 percent in September, 2.7 percentage points higher than the 38.9 percent reported for August, indicating that customers' inventory levels were considered too low. "Customers' inventories are too low for the 72nd month in a row, a positive for future production growth. The index registered above 40 percent for the first time after spending 25 consecutive months below that level," says Fiore.
Three industries (Apparel, Leather & Allied Products; Wood Products; and Furniture & Related Products) reported customers' inventories as too high in September. The 11 industries reporting customers' inventories as too low — listed in order — are: Nonmetallic Mineral Products; Transportation Equipment; Fabricated Metal Products; Machinery; Miscellaneous Manufacturing; Primary Metals; Electrical Equipment, Appliances & Components; Computer & Electronic Products; Plastics & Rubber Products; Chemical Products; and Food, Beverage & Tobacco Products.
Prices† The ISM® Prices Index registered 51.7 percent in September, 0.8 percentage point lower compared to the August reading of 52.5 percent, indicating raw materials prices increased for the 28th consecutive month, at a slower rate. This is the second consecutive month the Prices Index registered below 60 percent, a level not seen since August 2020 (59.5 percent), and this is also the lowest reading since June 2020 (51.3 percent). Over the past six months, the index has decreased 35.4 percentage points, including a combined 26-percentage point plunge in July and August. "The slowing in price increases is being driven by continued (1) relaxation in the energy markets, (2) softening in the copper, steel, aluminum and corrugate markets and (3) continuing sluggishness in chemical and plastics demand. Notably, 28.1 percent of respondents reported paying lower prices in September, compared to 26.7 percent in August," says Fiore. A Prices Index above 52.6 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) Producer Price Index for Intermediate Materials.
In September, 10 of 18 industries reported paying increased prices for raw materials, in the following order: Miscellaneous Manufacturing; Nonmetallic Mineral Products; Printing & Related Support Activities; Primary Metals; Computer & Electronic Products; Paper Products; Machinery; Transportation Equipment; Food, Beverage & Tobacco Products; and Chemical Products. The seven industries reporting paying decreased prices for raw materials in September — in the following order — are: Wood Products; Petroleum & Coal Products; Apparel, Leather & Allied Products; Plastics & Rubber Products; Textile Mills; Electrical Equipment, Appliances & Components; and Fabricated Metal Products.
Backlog of Orders† ISM®'s Backlog of Orders Index registered 50.9 percent in September, a 2.1-percentage point decrease compared to the 53 percent reported in August, indicating order backlogs expanded for the 27th straight month. Of the six largest manufacturing sectors, four — Petroleum & Coal Products; Transportation Equipment; Computer & Electronic Products; and Food, Beverage & Tobacco Products — expanded their order backlogs. "Backlogs expanded in September at a slower rate as the New Orders Index level fell, and production expanded minimally in the period. A slowing in price increases is a positive for future new orders growth and backlogs expansion," says Fiore.
Eight industries reported growth in order backlogs in September, in the following order: Plastics & Rubber Products; Petroleum & Coal Products; Nonmetallic Mineral Products; Transportation Equipment; Computer & Electronic Products; Primary Metals; Electrical Equipment, Appliances & Components; and Food, Beverage & Tobacco Products. Eight industries reported lower backlogs in September, in the following order: Wood Products; Textile Mills; Printing & Related Support Activities; Furniture & Related Products; Paper Products; Fabricated Metal Products; Chemical Products; and Miscellaneous Manufacturing.
Backlog of Orders
New Export Orders† ISM®'s New Export Orders Index registered 47.8 percent in September, 1.6 percentage points below the August reading of 49.4 percent. "The New Export Orders Index contracted in September for the second consecutive month after 25 consecutive months in expansion territory. Weakness in European economies and China's economic sluggishness continue to constrain new export orders and are having a negative influence on new order rates," says Fiore.
Three industries reported growth in new export orders in September: Food, Beverage & Tobacco Products; Computer & Electronic Products; and Transportation Equipment. The eight industries reporting a decrease in new export orders in September — in the following order — are: Wood Products; Paper Products; Furniture & Related Products; Apparel, Leather & Allied Products; Fabricated Metal Products; Plastics & Rubber Products; Miscellaneous Manufacturing; and Chemical Products.
New Export Orders
Imports† ISM®'s Imports Index registered 52.6 percent in September, an increase of 0.1 percentage point compared to August's figure of 52.5 percent. "Imports grew in September at marginal rates consistent with August. Port issues have become less of an issue for panelists' companies," says Fiore.
The eight industries reporting growth in imports in September — in the following order — are: Textile Mills; Printing & Related Support Activities; Miscellaneous Manufacturing; Transportation Equipment; Machinery; Chemical Products; Plastics & Rubber Products; and Food, Beverage & Tobacco Products. Three industries reported lower volumes of imports in September: Wood Products; Paper Products; and Fabricated Metal Products. Seven industries reported no change in imports in September.
†The supplier Deliveries, Customers' Inventories, Prices, Backlog of Orders, New Export Orders, and Imports indexes do not meet the accepted criteria for seasonal adjustments.
Buying Policy The average commitment lead time for Capital Expenditures in September was 178 days, a decrease of two days compared to August. Average lead time in September for Production Materials was 94 days, a decrease of two days. Average lead time for Maintenance, Repair and Operating (MRO) Supplies increased by two days, to 48 days.
AboutThis 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 September 2022.
The data presented herein is obtained from a survey of manufacturing supply executives 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 Manufacturing ISM®Report On Business® is based on data compiled from purchasing and supply executives nationwide. The composition of the Manufacturing Business Survey Committee is stratified according to the North American Industry Classification System (NAICS) and each of the following NAICS-based industry's contribution to gross domestic product (GDP): Food, Beverage & Tobacco Products; Textile Mills; Apparel, Leather & Allied Products; Wood Products; Paper Products; Printing & Related Support Activities; Petroleum & Coal Products; Chemical Products; Plastics & Rubber Products; Nonmetallic Mineral Products; Primary Metals; Fabricated Metal Products; Machinery; Computer & Electronic Products; Electrical Equipment, Appliances & Components; Transportation Equipment; Furniture & Related Products; and Miscellaneous Manufacturing (products such as medical equipment and supplies, jewelry, sporting goods, toys and office supplies). 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 manufacturing subsectors are: Computer & Electronic Products; Chemical Products; Transportation Equipment; Petroleum & Coal Products; Food, Beverage & Tobacco Products; and Machinery. Beginning in February 2018 with January 2018 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 (New Orders, Backlog of Orders, New Export Orders, Imports, Production, supplier Deliveries, Inventories, Customers' Inventories, Employment and Prices), this report shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction (higher, better and slower for supplier Deliveries) and the negative economic direction (lower, worse and faster for supplier Deliveries), and the diffusion index. Responses are raw data and are never changed. The diffusion index includes the percent of positive responses plus one-half of those responding the same (considered positive).
The resulting single index number for those meeting the criteria for seasonal adjustments (Manufacturing PMI®, New Orders, Production, Employment and Inventories) is then seasonally adjusted to allow for the effects of repetitive intra-year variations resulting primarily from normal differences in weather conditions, various institutional arrangements, and differences attributable to non-moveable holidays. All seasonal adjustment factors are subject annually to relatively minor changes when conditions warrant them. The Manufacturing PMI® is a composite index based on the diffusion indexes of five of the indexes with equal weights: New Orders (seasonally adjusted), Production (seasonally adjusted), Employment (seasonally adjusted), supplier Deliveries, and Inventories (seasonally adjusted).
Diffusion indexes have the properties of leading indicators and are convenient summary measures showing the prevailing direction of change and the scope of change. A Manufacturing PMI® reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally declining. A Manufacturing PMI® above 48.7 percent, over a period of time, indicates that the overall economy, or gross domestic product (GDP), is generally expanding; below 48.7 percent, it is generally declining. The distance from 50 percent or 48.7 percent is indicative of the extent of the expansion or decline. With some of the indicators within this report, ISM® has indicated the departure point between expansion and decline of comparable government series, as determined by regression analysis. The Manufacturing ISM®Report On Business® survey is sent out to Manufacturing Business Survey Committee respondents the first part of each month. Respondents are asked to report on information for the current month for U.S. operations only. 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 first business day of the following month.
The industries reporting growth, as indicated in the ManufacturingISM®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.
Responses to Buying Policy reflect the percent reporting the current month's lead time, the approximate weighted number of days ahead for which commitments are made for Capital Expenditures; Production Materials; and Maintenance, Repair and Operating (MRO) Supplies, expressed as hand-to-mouth (five days), 30 days, 60 days, 90 days, six months (180 days), a year or more (360 days), and the weighted average number of days. These responses are raw data, never revised, and not seasonally adjusted.
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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 ManufacturingISM®Report On Business®is posted on ISM®'s website at www.ismrob.org on the first business day* of every month after 10:00 a.m. ET.
The next ManufacturingISM®Report On Business® featuring October 2022 data will be released at 10:00 a.m. ET on Tuesday, November 1, 2022.
Mon, 03 Oct 2022 06:28:00 -0500en-UStext/htmlhttps://finance.yahoo.com/news/manufacturing-pmi-50-9-september-140000568.htmlKillexams : Philip Morris International Inc. (PMI) to Host Webcast of 2022 Third-Quarter and September Year-to-Date Results
Philip Morris International Inc. (NYSE: PM) will host a live audio webcast at www.pmi.com/2022Q3earnings on Thursday, October 20, 2022, at 9:00 a.m. ET, to discuss its 2022 third-quarter and September year-to-date financial results which will be issued at approximately 7:00 a.m. ET the same day.
The webcast will be hosted by Emmanuel Babeau, Chief Financial Officer, and will include discussion of PMI’s financial results and a question-and-answer period with the investment community and news media. The webcast will be in a listen-only mode.
The audio webcast may also be accessed on iOS or Android devices by downloading PMI’s free Investor Relations Mobile Application at www.pmi.com/irapp.
Philip Morris International: Delivering a Smoke-Free Future
Philip Morris International (PMI) is a leading international tobacco company working to deliver a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products, including heat-not-burn, vapor and oral nicotine products, which are sold in markets outside the U.S. Since 2008, PMI has invested more than USD 9 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. The U.S. Food and Drug Administration (FDA) has authorized the marketing of versions of PMI’s IQOS Platform 1 devices and consumables as a Modified Risk Tobacco Products (MRTPs), finding that an exposure modification orders for these products are appropriate to promote the public health. As of June 30, 2022, excluding Russia and Ukraine, PMI's smoke-free products are available for sale in 70 markets, and PMI estimates that approximately 13.2 million adults around the world had already switched to IQOS and stopped smoking. With a strong foundation and significant expertise in life sciences, in February 2021 PMI announced its ambition to expand into wellness and healthcare areas and deliver innovative products and solutions that aim to address unmet consumer and patient needs. For more information, please visit www.pmi.com and www.pmiscience.com.
Thu, 13 Oct 2022 03:00:00 -0500en-CAtext/htmlhttps://ca.finance.yahoo.com/news/philip-morris-international-inc-pmi-145700912.htmlKillexams : Buying a House: What Does PMI Mean? [Miami Herald]
People throughout the country are struggling to weigh the pros and cons of renting versus buying.
Buying enables people to put down roots and not deal with a landlord’s rules. However, home ownership always comes with hidden costs and requires ongoing maintenance. One of those being Private Mortgage Insurance, which is a type of insurance that conventional mortgage lenders require when homebuyers put down less than 20% of the purchase price.
PMI protects the lender in the event that the homeowner defaults on the loan, but doesn’t protect the homeowner from foreclosure.
How much does it cost?
The average range for PMI premium rates is 0.58 percent to 1.86 percent of the original amount of your loan, according to the Urban Institute. Freddie Mac estimates most borrowers will pay $30 to $70 per month in PMI premiums for every $100,000 borrowed.
How do you pay for PMI?
There are three traditional schedules for payment:
When can you stop paying PMI?
Once your mortgage principal balance is less than 80% of the original appraised value or the current market value of your home, whichever is less.
Consumer Financial Protection Bureau: What is private mortgage insurance?
Bankrate: What is PMI? Guide to how private mortgage insurance works
Rocket Mortgage: What Is PMI? Private Mortgage Insurance Defined And Explained
Nerdwallet: What Is PMI? How Private Mortgage Insurance Works
Urban Institute: Mortgage Insurance Data at a Glance
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