PMI

Professional organization of project management of non-profit member association

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PMI Chinese name yes Project Management Association , the world's leading non-profit member association Project Management The organization, established in 1969, has more than 700000 members and certificate holders in 185 countries around the world. In addition, PMI is also the abbreviation of many English phrases, the more famous one is Purchasing Manager Index PMI。

Chinese name: Project Management Association
Foreign name: Project Management Institute

Abbreviation: PMI
Date of establishment: 1969

catalog

Association Introduction

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PMI R.E.P Education Registration Agency

Project Management Association PMI（Project Management Institute） Founded in 1969, it is the world's leading advocate of project management industry. It creatively formulated Industry standards The PMBoK, prepared by PMI, has become the most authoritative textbook in the field of project management, known as the "Bible" of project management. PMI currently has more than 700000 members and certificate holders in 185 countries around the world. It is a global professional organization composed of practitioners, researchers, consultants and scholars in the professional field of project management. The association launched Project management professionals qualifications PMP (Project Management Professional) certification has become the global authority Project management qualification , is favored by more and more people. The project management association has been committed to the research work in the field of project management, and the members of the global association are all exploring scientific Project management system And work hard. Today, the project management association created Project management method It has been recognized globally, thus becoming the authoritative organization of global project management. The Project Management Association is committed to promoting project management globally to improve the professional level of project management, and customizing professional and technical plans in education, conferences, standards, publishing and certification. American Project Management Association It is becoming a global project management knowledge and think tank center. The State Administration of Foreign Experts Affairs first introduced international authority in 2000 Project management certification ——- PMP certification of the Project Management Association.^[1]

Sample picture of PMI certificate

Purchasing Manager Index

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（Purchasing Manager's Index)， abbreviation PMI

Purchasing Manager's Index is a composite index According to the international practice, there are five Diffusion index New order index (order for short) Production index (production for short), employee index (employee for short), supplier Delivery time Index (distribution for short), main Raw material inventory Index (referred to as inventory) weighted.

Main characteristics

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computing method

Purchasing Manager&amp;amp

PMI composite index Calculation formula As follows:

PMI=order × 30%+production × 25%+employee × 20%+distribution × 15%+inventory × 10%

The above is the internationally accepted calculation formula Israel The formula for is slightly different. Among them, the United States gives the same weight to the above five indicators when calculating the PMI composite index; In addition to the above five indicators, Israel has added an export order indicator. Accordingly, the weight of each indicator has also been adjusted.

The purchasing manager index is based on percentage That is, when the index is higher than 50%, it is interpreted as economic expansion The signal of. When the index is below 50%, especially when it is very close to 40%, there is concern of economic depression. It is Leading indicators A very important subordinate pointer in. In addition to focusing on the overall index, Purchasing Manager Index In Raw material procurement price index and Finished products The price index is also regarded as a kind of price index, and Employment index More often used to predict unemployment rate And non-agricultural Employed population Performance.

research meaning

Purchasing Manager Index (PMI) has become world economy Importance of operation activities evaluating indicator And the changing world economy barometer , establish China purchasing manager index（ CFLP -PMI) for improvement China's economy Even the world economic monitoring system plays a positive role. Based on the PMI data from the survey of purchasing managers, theoretically it can reflect the changes of the market, and analyze the CFLP-PMI sub indexes statistical data The comparison between CFLP-PMI and industry statistics shows a certain degree of correlation or consistency. Therefore, CFLP-PMI can be used as a reference for decision-making National economic policy Aspects enterprise operation Aspects, finance Investment activities It shows good application value.

Purchasing Manager Index (PMI), as an international economic monitoring Indicator system , many countries usually gross domestic product (GDP), employment index Producer price index （ PPI ）. New housing commencement/construction indicators (compared with domestic fixed assets Similar investment indicators), exchange rate stock market index It is used to analyze economic trends and help carry out various investment decision , staged research and prediction, etc., has become one of the important information widely used by governments, banks, enterprises, various financial institutions and financial media.

importance

At present, more than 20 countries in the world have established PMI systems, and relevant institutions have begun to establish global indexes and eurozone The index, PMI index and its business report have become important evaluation indicators of world economic operation activities and barometers of world economic changes.

along with Global economic integration The rapid development of China's economy has increasingly attracted the attention of the world. The trend and changes of China's economy are becoming the focus of the world. market economy The accelerated development and the increasing number of multinational companies entering into China economic data Of requirement Growing, especially for Accuracy of statistical data 、 Effectiveness and objectivity Higher requirements are put forward. This has also promoted China's efforts in statistical surveys and Data publishing In accordance with the international standards International practice Act. The establishment of the China Procurement Manager Index (CFLP-PMI) is a concrete manifestation of the gradual maturity of China's market economy in the field of statistics, which plays a positive role in improving the monitoring system of China's economy and even the world economy.

The purchasing manager index is based on the monthly survey of purchasing managers Statistical summary The index, which reflects the changing trend of the economy, is the leading indicator of economic monitoring. According to the analysis of American experts, the PMI index is highly correlated with GDP relevance And its turning point is often several months ahead of GDP. In the past 40 years, the peak value of PMI in the U.S. manufacturing industry can be 6-18 months ahead of the commercial peak, and 1-4 months ahead of the commercial low. In China, CFLP-PMI, after more than a year of cumulative data analysis, confirmed that before the arrival of the economic boom, it was ahead of GDP and other relevant indicators.

The PMI survey comes from the enterprise purchasing manager's comments on the production and financial situation of this month Analysis and judgment , the market changes First hand information 。 The CFLP-PMI survey index and data report of China's manufacturing industry were released on the first working day of each month, much ahead of the comprehensive statistical data released by other government departments.

Scientific

The correct results cannot be separated from the correct process. How is the CFLP-PMI investigation process executed? In order to let everyone know the preciseness and scientificity of the investigation process, here are some key points of the CFLP-PMI investigation process.

sampling method The sampling method is an important standard to determine the scientific objectivity of the survey results. CFLP's PMI survey adopts PPS sampling Method is recognized as the most difficult and scientific sampling method. Prior to the official start of the survey, CFLP determined the number of samples for each industry in strict accordance with the contribution of each industry to the added value of the manufacturing industry on the basis of several surveys. On this basis, PPS sampling was carried out in consideration of regional distribution and enterprise type, and the sample enterprises were finally determined, thus making the number and distribution of samples more scientific and the survey results more accurate.

sample size Guarantee the current CFLP China Manufacturing Purchasing Manager Index The sample size of PMI was 730. The number of samples far exceeds that of the United States, Britain, Japan Singapore The number of samples from other countries accounts for the total number of corresponding industrial enterprises sales revenue 25%, so it can accurately reflect the overall situation of the manufacturing industry and the economic operation trend of various industries. Once the enterprise Merger and reorganization In case of any change, the Bureau of Statistics immediately selected enterprises of the same type to participate in the investigation, ensuring the smoothness and integrity of the investigation channels.

Sample participation assurance In order to ensure the sample companies to participate in the survey, CFLP and the Bureau of Statistics have done a lot of preparatory work and training, with an accurate reporting rate of 99.6%, which is a fairly high sample assurance rate in the survey field, while the feedback rate of the U.S. manufacturing survey is generally 70%. Therefore, the CFLP survey results can be highly Representativeness , reflecting the trend of industrial, regional and overall economic development.

Survey Quality Assurance The purchase managers of the enterprises involved in the survey have received formal training, can correctly understand the survey indicators, and can ensure the quality of the returned questionnaires through direct online reporting.

The rigorous process ensured that the National Bureau of Statistics and CFLP made full preparations in China after conducting a lot of research on the international PMI index and communicating with foreign experts. On the one hand, we learned from foreign experience, and on the other hand, we took into account China's national conditions Questionnaire design PPS sampling selection method, index category Indicator interpretation Etc. In Shandong, Tianjin, Gansu and Qingdao The research and pilot projects were carried out respectively. After a process of two ups and downs, the investigation plan was finally finalized. After collecting part of the data, we made a comparative analysis again, adjusted the plan and details, and determined the final investigation analysis program The whole process is rigorous and scientific.

In addition, all the data of CFLP-PMI are filled in directly by the purchasing director of the manufacturing enterprise; The CFLP-PMI investigation was conducted by China Federation of Logistics and Purchasing Initiate investigation and be responsible for core procedures such as model establishment, data summary analysis and research, and undertake external Public release Work; The National Bureau of Statistics provides authoritative and mature research channels. Such independent investigation also follows international practice, ensuring that data sources And the accuracy of the results.

PMI data

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PMI data

According to the data display ， Macroeconomy Main points of Antecedent index ——China's manufacturing industry PMI index It has rebounded for five consecutive months, with more than 50% in the last four months. In January 2013, China's manufacturing PMI was 50.4%. The trend of China's economic stabilization and recovery has initially taken shape. In 2013 economical operation It has made a good start and is expected to maintain a steady and sound development trend throughout the year. But in January 2014, China's HSBC manufacturing PMI fell below“ Rongkui line ”And continued to decline until March this year.

application

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Application premise

PMI survey data is produced by enterprises Procurement Manager according to enterprise operation There is a logical correlation between the indicators of enterprise operation. Theoretically, if the purchasing manager carefully fills in the questionnaire, the results of his answers to different questions will reflect Business status It should be consistent. PMI data results should show correlation or consistency in the following aspects:

1. There is a logical consistency between PMI sub indexes.

2. And Macroeconomy statistical data By comparison, there is a logical relevance 。

3. Compared with industry statistics, there is a logical correlation between the two.

In addition, there is mutual influence on the industrial chain between various industries, which can be combined with industries Production mode PMI data are analyzed.

These correlations and consistency are not only accurate standards of data itself, but also guides and tools in actual early warning applications.

In the previous analysis and work, we can find that CFLP -PMI data can show good correlation in the above aspects and lead others Economic indicators Change occurs.

In terms of macroeconomic statistics, the results have shown that CFLP-PMI is related to Industrial added value And other economic indicators, correlation coefficient Over 75%. Secondly, we extracted some data from the black, nonferrous, and various equipment manufacturing industries, and conducted correlation and leadership analysis with the actual economic statistics. We found that CFLP- PMI index It has been leading the economic indicators of relevant industries for several months, and the oblique correlation coefficient of the two indicators varies from 70% to 89%.

Application

market economy Under conditions, market subject We should pursue Profit maximization The principle of Corporate interests Of rational choice 。 For example, they will make optimal arrangements for the next production period based on market fluctuations and market expectations, such as purchasing raw materials, hiring/layoff, etc. These decisions need relevant basis. The PMI data based on the survey of purchasing managers can theoretically reflect the changes in the market and can be used as a reference for decision-making, provided that the data results can accurately reflect the reality.

Application significance

China Manufacturing Purchasing Manager Index National Bureau of Statistics and China Federation of Logistics and Purchasing Prepared jointly. According to the cooperation division negotiated by both parties, the National Bureau of Statistics Enterprise survey The General Team is responsible for the investigation, collection, processing and processing of data; China Federation of Logistics and Purchasing and China Logistics Information Center be responsible for Data analysis , business report writing and social release. At present, Purchasing Manager Index The survey has been included in the official survey catalogue of the National Bureau of Statistics.

Current leaders

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Pierre Lemmon, Global President and CEO of PMI^[13] 。

in China

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Foreign PMI is divided into manufacturing industry and non manufacturing industry. According to the actual situation of China, we decided to implement PMI in manufacturing industry first, and then implement PMI in non manufacturing industry when conditions are ripe. Purchasing Manager of China Manufacturing Indicator system It is a pioneering work in China and a systematic project.

China PMI

Purchasing Manager Index (PMI) is internationally accepted Macroeconomic monitoring System, covering production and circulation, manufacturing and non manufacturing industries economic activity It plays an important role in monitoring and forecasting. The significance of establishing China's purchasing manager index lies in:

1. It is conducive to international integration 。

After China's entry into WTO, it is increasingly becoming the world Purchase Center With the manufacturing center, China's economic development has become the main part of the world's economic development impetus , China economic situation How has become the focus of global attention, so China needs PMI, and the world also needs China's PMI. The establishment of China's PMI will be in line with the international practice in two aspects: first, the survey method and statistical method Integration; Second, data Comparability 。

2. Favorable National economy And Industrial economy 。

PMI is the most important developed country A leading indicator reflecting the rapid and timely economic activities. Through PMI, problems and trends in economic and commercial activities can be monitored and predicted in a timely manner, so that the government's macroeconomic orientation is based on science.

3. It is conducive to guiding various activities of the enterprise.

The PMI survey involves production, procurement, inventory, sales, price and other aspects of the enterprise, reflecting the comprehensive business activities of the enterprise. PMI and the business report based on PMI reflect the actual situation of the enterprise operating activities It has a strong guiding role, so that enterprises, especially large enterprise groups strategic decision It has a reliable basis for business adjustment.

There is no doubt that the establishment of China's PMI should learn from foreign experience and be in line with international standards. On the one hand, the survey method, design of main indicators and calculation method should be consistent with that of foreign countries and be internationally comparable; On the other hand, China's national conditions must be taken into consideration for research and continuous improvement, so that CFLP-PMI research can better predict China's economic trends and industry operating trends Macroeconomic regulation And enterprises Business decision Provide basis.

Compared with foreign countries, the related work of CFLP-PMI started late and has experienced more than two years of research Preparation period Since then, the National Bureau of Statistics has cooperated with the China Federation of Logistics and Purchasing (CFLP) to carry out pilot and preliminary surveys since 2004. The official survey began in January 2005 and was officially announced in July of the same year China Manufacturing Purchasing Manager Index （CFLP-PMI）。

CFLP-PMI cause Investigation time Short, its popularity and social influence need to be improved, but its scientificity and preciseness have been well verified. With the help of relevant materials, we have done some research on the investigation process and data results of CFLP-PMI, with the purpose of making this scientific Index system It can be applied to the actual policy and investment guidance as soon as possible, and make due contributions to the development of China's economy.

1. Be in line with international standards

At present, 22 countries in the world have established PMI index, and a relatively complete and standardized set of Investigation system Survey methods and indicator system. Therefore, China's PMI needs to be in line with international standards in terms of the design of indicators and questionnaires, survey methods and calculation methods, referring to international practices.

2. In line with China's national conditions

Most foreign PMI indexes are established in developed countries, and their national conditions are different from those of China. When formulating China's PMI, on the one hand, we should consider the international practice, and on the other hand, we should also take into account the reality of China, which is shown in the following aspects.

（1） sampling method

PMI monitors the trend and trend of economic activities, and its results are closely related to the sampling method. We adopted scientific sampling methods-- PPS sampling The sample number of each industry is determined according to the contribution of each industry to the added value of the manufacturing industry. On this basis, the regional distribution and enterprise type are considered to ensure the rationality And scientific.

In developed countries, PMI mainly investigates private corporation However, state-owned enterprises still account for a large proportion in China's economy. Therefore, in order to ensure that the Representativeness , in our Survey sample Medium, mainly large and medium-sized enterprises, joint-stock companies company with limited liability , foreign-funded enterprises and state-owned enterprises accounted for 35.6%, 27.6%, 20.5% and 12.6% respectively.

In terms of regional distribution, among our survey samples, enterprises in the east accounted for 63.6%, those in the middle accounted for 23.6%, and those in the west accounted for 12.8%, reflecting that Economic region Representativeness of.

According to the sampling results, we selected 730 enterprises in total, and confirmed with them one by one. In fact, 727 enterprises submitted data every month, with a reporting rate of 99.6%.

(2) A lot of meticulous preparations have been made

In designing the PMI questionnaire, we adopted the approach of pilot and research first: two up and two down, that is, we first wrote the questionnaire, let enterprises fill in it through several provincial and municipal enterprise survey teams, and put forward suggestions for modification; On this basis, the scheme is further modified, submitted to the enterprise for trial filling, modified and improved, and finally the final scheme is formed. In this way, we basically have a clear idea and a target in mind, which can meet both the macro needs and the needs of enterprises.

The Federation and the Bureau of Statistics also jointly carried out training work. In November last year, training was carried out for the personnel in charge of investigation in all provinces and cities. On this basis, local procurement managers were trained by provinces and cities.

3. Established a stable investigation channel

The key to the sustainability and satisfactory results of a long-term monthly survey is to establish an investigation team and stable investigation channels.

In terms of the organization of the survey, the cooperation between the China Federation of Logistics and Purchasing and the National Bureau of Statistics has been adopted, which has three advantages: first, there are Statistical method For protection; Second, the enterprise survey team has national investigation channels; Third, since 1998, the enterprise survey team has carried out a national economic survey, and has rich investigation experience and high-quality personnel. At the same time, we adopt two-level institutions, namely, city and provincial and municipal enterprise survey teams, to be responsible for expediting reports. These two levels directly target enterprises Respondents Continuous tracking and adjustment at any time in case of changes ensure the accurate and reliable source of data.

4. Strengthen the authority of analysis

In terms of data analysis, the Federation itself has a group of industry experts and Authoritative person , which has been studied for three years; The Enterprise Survey Team of the Bureau of Statistics also carried out a special study on the purchasing manager index. At the same time, we also invited researchers from the Development Research Center of the State Council Zhang Liqun Sir, as a special appointment analyst To make our analysis more forward-looking and authoritative.

5. Adopt online direct reporting method

PMI survey, we adopted high-tech means to Enterprise manager Fill in and report directly online, which not only reduces the probability of manual entry errors, but also speeds up the time for filling in and summarizing.

Construction history

The preparation and construction of China's PMI has gone through more than three years, which can be roughly divided into three stages.

Phase I

From 2002 to the first half of 2004, it was the research stage, focusing on many exchanges and discussions with foreign experts, and carrying out a lot of research and publicity work. At the same time, the National Bureau of Statistics also paid close attention to the establishment of the purchasing manager index. The enterprise investigation team set up a special topic and entrusted Tianjin, Shandong Ningxia The enterprise transfer team conducts research.

Phase II

From the second half of 2004 to the end of 2004, the preparatory work has been completed for the promotion stage of China's manufacturing PMI, including the establishment of the cooperation mode between the China Federation of Logistics and Purchasing and the Enterprise Survey Team of the National Bureau of Statistics; Completed the formulation of the investigation plan Design of questionnaire . Formulation and implementation of enterprise sampling methods; Carry out pilot work for some enterprises in Shandong, Tianjin and Ningxia; A small seminar on purchasing managers' index of some provinces and cities was held in Qingdao; Held a national Manufacturing PMI At the working meeting, we deployed the survey in January 2005, and aimed at the characteristics and application of the purchasing manager index questionnaire Training was carried out on specific matters reported online.

Phase III

Since January 2005, the survey of the national manufacturing purchasing managers' index has been officially launched. After half a year of operation, three achievements have been made: first, a stable survey channel has been established, and the procurement managers of 727 enterprises in 20 major industries in the manufacturing industry nationwide have filled in questionnaires on a monthly basis. Secondly, a manufacturing PMI database has been established. The purchasing manager fills in and reports online every month. After verification and summary of the data, a rich and complete Chinese manufacturing PMI database has been established. Third, according to the survey results, the China Federation of Logistics and Purchasing and the Enterprise Research Team of the National Bureau of Statistics have compiled the manufacturing purchasing manager index and written a business report. The index has been running for six months. In April 2005, we held an expert demonstration meeting, which was highly praised by experts from relevant national ministries and research institutions.

At present, the work of China's PMI has just started. Our work has only achieved preliminary results, but there are still some imperfections. For example, at the beginning of the establishment of PMI time series data Inadequate, no relevant historical data, how to determine seasonal adjustment factors and adopt more scientific adjustment methods; For another example, in addition to meeting the national macro needs, we should also consider how to meet the needs of enterprises; The relationship between the PMI and other national economic indicators needs to be explored in practice. In short, the establishment of China's PMI is a long-term and basic work, which requires the accumulation of time and data, There is a long way to go 。

China's PMI work has had a very good start and a solid foundation. We believe that through the close cooperation between the China Federation of Logistics and Purchasing and the National Bureau of Statistics, and through the persistent efforts of all of us, China's PMI index system will be successfully established, and it will also be able to Macroeconomic forecast And enterprise operation guidance.

Update

China Federation of Logistics and Purchasing announced on the 1st data display The manufacturing purchasing managers' index (PMI) in October was 54.7%, higher than 0.9 in the previous month Percentage point , 3 consecutive months Ring ratio Rebound, data shows China's economy Strong growth, affected by this International oil price It rose nearly 2% on the first day, Aftermarket It is expected to continue to move towards $100/barrel.

According to historical data, the manufacturing PMI in October is often due to Seasonality The PMI of China has been at 50% for 20 consecutive months Prosperity critical point The above shows that the manufacturing industry has maintained a steady growth trend in general, while the growth rate has accelerated.

The index of new orders reflecting economic demand was 58.2%, 1.9 percentage points higher than that of the previous month. The index has recovered steadily for three consecutive months, and is higher than Production index , indicating that the number of new orders in the manufacturing industry keeps growing, market demand Relatively strong. The number of new orders in oil processing and other industries grew rapidly month on month, Enterprise procurement The activity was relatively active. The above data showed that China's economy grew strongly, which would increase the demand for crude oil. Affected by this, international oil prices rose nearly 2% on the first day.

The main factors leading the international crude oil market are US Monetary Policy , November 3, Federal Reserve A new asset purchase plan will be announced, and the main target of purchase will be 2 to 10 year treasury bonds. The market expects the Federal Reserve to purchase new assets Planned scale Between $500 billion and $1 trillion. The Federal Reserve is committed to creating a Treasury bond market The artificial bull market and the injection of more liquidity into the market is undoubtedly a positive factor for international oil prices.

Since June 2009 oil price It has been fluctuating in the range of 70-80 US dollars/barrel. Recently, the oil price has broken through and stood above 80 US dollars/barrel. Globally Liquidity Against the background of rampant inflation, inflation expectations have increased significantly. After 16 months of adjustment, the international oil price is expected to rise again, and the future market will hit $100/barrel.

The release of manufacturing PMI data in August 2012 kicked off the macroeconomic data in August. However, this data is not optimistic. The manufacturing PMI in August was only 49.2%, not only falling below Rongkui line And set a new low in the past nine months. Meanwhile, August Steel industry PMI dropped by 4.6 percentage points, a new low since December 2008.

In February 2015, the purchasing managers' index (PMI) of China's manufacturing industry was 49.9%, a slight increase of 0.1 percentage points over the previous month, indicating that the contraction of the manufacturing industry has narrowed.

branch Enterprise scale See, the PMI of large enterprises was 50.4%, up 0.1 percentage points from the previous month, higher than the critical point; The PMI of medium-sized enterprises was 49.4%, down 0.5 percentage points from the previous month, lower than the critical point; small business PMI was 48.1%, 1.7 percentage points higher than that of the previous month. Although it was below the critical point, the contraction was significantly narrowed.

From the perspective of sub indexes, among the five sub indexes constituting the PMI of manufacturing industry, the production index and new order index are higher than the critical point, and the employee index and supplier index are higher than the critical point Delivery time Index and Raw material inventory The index is below the critical point.^[2]

In March 2015, the manufacturing PMI was 50.1%, 0.2 percentage points higher than that of the previous month, returning to the expansion range. The main reasons for the slight rise in PMI are: first, after the Spring Festival, enterprises started work in a centralized manner, Production activities The production index rose 0.7 percentage points from the previous month, which is one of the important factors driving the recovery of PMI this month; Second, in the near future, a series of Steady growth 、 Structure adjustment . Reform promoting Policy measures Under the positive effect, the proportion of enterprises who are optimistic about market expectations for a period of time in the future has increased, Production and operation activities The expected index rose to 61.3%, a recent high; Third, recent crude oil, etc Bulk commodities Price decline narrowed, some construction steel product price There was a rebound, market environment Of Favorable factors It also has some positive effects on the production of enterprises.

From the perspective of enterprise scale, the performance of large enterprises is still stable, with the PMI of 51.5%, up 1.1 percentage points from the previous month, which is a strong support for the growth of manufacturing production and an important factor for the recovery of PMI; The PMI of small and medium-sized enterprises both fell back and remained below the critical point, Production and operation The difficulties in the process are still great.^[3]

In May 2015, China's manufacturing purchasing managers' index (PMI) was 50.2%, a slight increase of 0.1 percentage points over the previous month, higher than the critical point, and the manufacturing industry expanded slightly.

In terms of enterprise scale, the PMI of large enterprises was 50.7%, a slight increase of 0.1 percentage points over the previous month, which was continuously higher than the critical point; The PMI of medium-sized enterprises was 50.4%, rising for two consecutive months and rising above the critical point for the first time in the year; The PMI of small enterprises was 47.9%, down 0.5 percentage points from the previous month, and continued to be in the contraction range.^[4]

In June 2015, the purchasing managers' index (PMI) of China's manufacturing industry was 50.2%, unchanged from the previous month, higher than the critical point, and the manufacturing industry continued to expand slightly.

In terms of enterprise scale, the PMI of large enterprises was 50.8%, a slight increase of 0.1 percentage points over the previous month, and continued to be higher than the critical point, which is a strong support for the stability of PMI in the manufacturing industry; The PMI of medium-sized enterprises was 50.2%, 0.2 percentage points lower than that of the previous month, still higher than the critical point; The PMI of small enterprises was 47.5%, down 0.4 percentage points from the previous month, and the contraction rate increased for two consecutive months.^[5]

In August 2015, China's manufacturing purchasing managers' index (PMI) was 49.7%, down 0.3 percentage points from the previous month, falling below the critical point.

In terms of enterprise scale, the PMI of large enterprises was 49.9%, down 0.7 percentage points from the previous month, and fell below the critical point for the first time in the year; The PMI of medium-sized enterprises was 49.8%, 0.2 percentage points lower than that of the previous month, lower than the critical point; The PMI of small enterprises was 48.1%, 1.2 percentage points higher than that of the previous month, and continued to be in the contraction range, but the contraction range was reduced.^[6]

In February 2016, China's manufacturing purchasing managers' index (PMI) was 49.0%, 0.4 percentage points lower than that of the previous month and a new low since November 2011.^[7]

In August 2018, China's manufacturing purchasing managers' index (PMI) was 51.3%, up 0.1 percentage points over the previous month.^[8]

Data list

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month	manufacturing industry	Increase from last month	Non manufacturing	Increase from last month
January 2016	49.4%	-0.3%	53.5%	-0.9%^[9]
August 2013	51%	0.7%	53.9%	-0.2%
July 2013	50.3%	0.2%	54.1%	0.2%
June 2013	50.1%	-0.7%	53.9%	-0.2%
May 2013	50.8%	0.2%	54.3%	-0.2%
April 2013	50.6%	-0.3%	^[10] 54.5%	-1.1%
March 2013	50.9%	0.8%	55.6%	1.1%
February 2013	50.1%	-0.3%	54.5%	-1.7%
January 2013	50.4%	-0.2%	56.2%	0.1%
December 2012	50.6%	zero	56.1%	0.5%
November 2012	50.6%	0.4%	55.6%	0.1%
October 2012	50.2%	0.4%	55.5%	1.8%
September 2012	49.8%	0.6%	53.7%	-2.6%
August 2012	49.2%	-0.90%	56.3%	0.70%
July 2012	50.1%	-0.10%	55.6%	-1.10%
June 2012	50.2%	-0.20%	56.7%	1.50%
May 2012	50.4%	-2.9%	55.2%	-0.90%
April 2012	53.3%	0.20 %	56.1%	-1.90 %
March 2012	53.1%	2.10 %	58%	0.70 %
February 2012	51%	0.50 %	48.4%	-4.50 %
January 2012	50.5%	0.20 %	52.9%	-3.10 %
December 2011	50.3%	1.30 %	56%	6.30 %
November 2011	49%	-1.40 %	49.7%	-8.00 %
October 2011	50.4%	-0.80 %	57.7%	-1.60 %
September 2011	51.2%	0.30 %	59.3%	1.70 %
August 2011	50.9%	0.20 %	57.6%	-2.00 %
July 2011	50.7%	-0.20 %	59.6%	2.60 %
June 2011	50.9%	-1.10 %	57%	-4.90 %
May 2011	52%	-0.90 %	61.9%	-0.60 %
April 2011	52.9%	-0.50 %	62.5%	2.30 %
March 2011	53.4%	1.20 %	60.2%	16.10 %
February 2011	52.2%	-0.70 %	44.1%	-12.30 %
January 2011	52.9%	-1.00 %	56.4%	-0.10 %
December 2010	53.9%	-1.30 %	56.5%	3.30 %
November 2010	55.2%	0.50 %	53.2%	-7.30 %
October 2010	54.7%	0.90 %	60.5%	-1.20 %
September 2010	53.8%	2.10 %	61.7%	1.60 %
August 2010	51.7%	0.50 %	60.1%	0.00 %
July 2010	51.2%	-0.90 %	60.1%	2.70 %
June 2010	52.1%	-1.80 %	57.4%	-5.30 %
May 2010	53.9%	-1.80 %	62.7%	-0.30 %
April 2010	55.7%	0.60 %	63%	4.60 %
March 2010	55.1%	3.10 %	58.4%	12.00 %
February 2010	52%	-3.80 %	46.4%	-8.70 %
January 2010	55.8%	-0.80 %	55.1%	-2.40 %
December 2009	56.6%	1.40 %	57.5%	5.20 %
November 2009	55.2%	0.00 %	52.3%	-9.80 %
October 2009	55.2%	0.90 %	62.1%	3.20 %
September 2009	54.3%	0.30 %	58.9%	-1.00 %
August 2009	54%	0.70 %	59.9%	1.00 %
July 2009	53.3%	0.10 %	58.9%	3.50 %
June 2009	53.2%	0.10 %	55.4%	-5.50 %
May 2009	53.1%	-0.40 %	60.9%	-1.90 %
April 2009	53.5%	1.10 %	59%	3.30 %
March 2009	52.4%	3.40 %	55.7%	13.80 %
February 2009	49%	3.70 %	41.9%	-9.10 %
January 2009	45.3%	4.10 %	55.7%	13.80 %
December 2008	41.2%	2.40 %	48.9%	3.50 %
November 2008	38.8%	-5.80 %	45.4%	-11.30 %
October 2008	44.6%	-6.60 %	56.7%	-1.40 %
September 2008	51.2%	2.80 %	58.1%	4.30 %
August 2008	48.4%	0.00 %	53.8%	-4.30 %
July 2008	48.4%	-3.60 %	58.1%	1.20 %
June 2008	52%	-1.30 %	56.9%	-3.60 %
May 2008	53.3%	-5.90 %	60.5%	-2.40 %
April 2008	59.2%	0.80 %	62.9%	2.60 %
March 2008	58.4%	5.00 %	60.3%	13.40 %
February 2008	53.4%	0.40 %	46.9%	-10.20 %
January 2008	53%	-2.30 %	57.1%	0.00 %

Other meanings

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American Project Management Association

（ Project Management Institute ）

The association was founded in 1969. It is an international project manager with more than 100000 members

Project Management Institute logo

reason Professional associations , Yes Project Management The largest global professional organization composed of researchers, scholars, consultants and managers in the field.

American Project Management Association Has been committed to project management The members of the global association are all exploring scientific Project management system And work hard. Today, the American Project Management Association Project management method It has been recognized globally, thus becoming the authoritative organization of global project management. At the same time, the global PMP People are also trying to maintain their projects Scientific management And authority. The American Project Management Association is committed to promoting project management globally to improve the professional level of project management, and customizing professional and technical plans in education, conferences, standards, publishing and certification. The American Project Management Association is becoming a global project management knowledge and think tank center.

PMI certification examination will be organized every year. Many people engaged in localization project management Senior management They will participate in this exam. Before the exam, they will receive special training, and they will obtain qualification certificates recognized by the American Project Management Association.^[11]

Authorization management infrastructure

Authorization management infrastructure （ Privilege Management Infrastructure ）

Also known as attribute privilege organization, in ANSI, ITU X.509 And IETE PKI There are definitions in X, which depend on Public Key Infrastructure PKI (Public Key Infrastructure) support, the task is to provide access control And privilege management, providing the mapping function from user identity to application authorization, and realizing the mapping function corresponding to the actual application processing mode application system Non management related Access control mechanism And can greatly simplify the access control and Permission management System development and maintenance. ITU The fourth edition of X.509, published by the Telecommunications Commission (ITU-T) in 2001, fully standardizes the rights management infrastructure (PMI) certificate for the first time. 10. Previous versions of 509 focused on Public Key Infrastructure (PKI).

The basic idea of PMI authorization technology is to resource management As the core, access to resources will be control power It is uniformly handed over to the authorized organization for management, that is, the resources owner To access Control management 。 Compared with PKI trust, the main difference between the two is that PKI verifies who the user is and stores the user's identity information in the user's Public key certificate Medium; PMI will prove what permissions, attributes and abilities the user has, and save the user's attribute information in Attribute certificate (also called management certificate).

PMI system is mainly divided into authorization management center (also called AA center) and resource management center (also called RM center). The authorization service platform is the main equipment of the authorization management center and the core component of PMI authorization technology. It is mainly used to issue AC authorization certificates to users.

10. 509 authorization system diagram

PMI uses attribute certificates, which are lightweight digital certificate , this digital certificate does not contain Public key Information, only including certificate owner ID, issuing certificate ID signature algorithm , validity period, attributes, etc. The validity period of general attribute certificates is relatively short, which can avoid the problem of public key certificates when dealing with CRL. If the validity period of the attribute certificate is very short, the certificate will automatically become invalid when the validity date is reached, thus avoiding the drawbacks of public key certificate revocation. Properties are generally defined by Attribute Category and Attribute value Composition can also be a combination of multiple attribute categories and attribute values. This certificate uses attributes to define each certificate holder Information such as permissions and roles of. This can solve the problems in PKI and manage trust to a certain extent.

Interval after death

PMI： Post-mortem interval , postmortem interval, forensic medicine The body of the upper finger died until it was found time interval 。 In medical research, it refers to the time interval between the autopsy sample taking and biological index testing or storage in a stable environment to reflect the quality of the sample. The longer the PMI is, the sample is considered mRNA The worse the protein information is stored.

Jinqiang International limited company

PMI Jinqiang International Co., Ltd. was established in Taiwan in 1990. PMI is dedicated to computer Storage class Professional manufacturers and suppliers of products. We are PC retailers, agents, and OEM Users provide comprehensive storage upgrade products and solutions. Our goal is to become the leader of storage products

Logo of Jinqiang International Co., Ltd

And maintain the status for a long time. We always believe that through strict and high-quality Product control , reliable service, efficient logistics system , and extremely rich competitiveness Of Price advantage It is the key to establish and maintain good partners with customers. complete Manufacturing The assembly line is our ability to meet the needs of all customers. All PMI products are self completed from design to test, Production process The strict quality control process accompanying the compatibility 。

Today's changing market competition We recognize that a fast logistics system is the key to maintaining a production oriented enterprise. In order to achieve this goal, we have made the fastest response to customer needs in the United States, Hong Kong, Netherlands And Shanghai have set up four branches facing the world to provide timely logistics and reliable and perfect after-sales service for global customers.

Polymethacrylimide

PMI is Polymethacrylimide （ polymethacrylimide ）English abbreviation of. Polymethacrylimide (PMI) Foam plastic It is a lightweight, closed hole Rigid foam plastic 。 With good mechanical property 、 Hot deformation temperature and chemical stability , is a high-performance interlayer Structural composites Ideal core material. At present, the commercialized PMI foam is mainly produced by Rohm&Hass of Germany Trade name To market.

PMI value

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PMI value, short for Point Wise Mutual Information, is often used to test the correlation between two things in statistics. Its formula is:

PMI

Where P (x) is the probability that x occurs alone, and P (x, y) is the probability that x and y occur simultaneously. It can be seen that when x and y are independent, the PMI value is ` 0; And x and y positive correlation The higher the performance, the greater the PMI value.

Number of rows and columns

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Precoding Matrix Indicator, LTE Number of rows and columns of precoding matrix in

PMI trend

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Manufacturing PMI and quarterly GDP trend^[12]

PMI is often regarded as economy leading indicator , used to predict the economic trend, in order to verify that China's official PMI and HSBC PMI's priority to the economy, the figure below has shown the relationship between manufacturing PMI and domestic gross domestic product The trend is superimposed, which shows that the trend of manufacturing PMI is basically consistent with the trend of GDP growth, indicating that the manufacturing PMI and the economic trend are relatively strong Convergence 。^[12]

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