The Capability Maturity Model model is an organizational model that describes 5 evolutionary stages (levels) in which an organization manages its processes.
 
Description of the Capability Maturity Model (CMM)

CMM describes 5 evolutionary stages in which an organization manages its processes. The thought behind the Capability Maturity Model, originally developed for software development, is that an organization should be able to absorb and carry its software applications. The model also provides specific steps and activities to get from one level to the next.

 
The 5 stages of the Capability Maturity Model are:

1. Initial (processes are ad-hoc, chaotic, or actually few processes are defined)
2. Repeatable (basic processes are established and there is a level of discipline to stick to these processes)
3. Defined (all processes are defined, documented, standardized and integrated into each other)
4. Managed (processes are measured by collecting detailed data on the processes and their quality)
5. Optimizing (continuous process improvement is adopted and in place by quantitative feedback and from piloting new ideas ands technologies)

 The Capability Maturity Model is useful not only for software development, but also for describing evolutionary levels of organizations in general and in order to describe the level of Value Based Management that an organization has realized or wants to aim for.