The Critical Path Method (CPM) is a project management tool used to schedule tasks and ensure projects are completed on time. It involves identifying all tasks, determining their sequence and duration, and mapping them on a chart to identify the critical path - the sequence of tasks that must be completed on schedule or the project will be delayed. CPM aids in planning, tracking progress, and identifying which tasks are most important to keep the project on schedule. It provides benefits like a visual project plan and ability to determine the minimum time needed to complete a project.