CMMI is a framework that defines best practices for software development and engineering processes. It aims to improve quality, efficiency, and maturity through five levels of process improvement. Level 1 focuses on basic project management processes while level 5 optimizes processes through continuous improvement. CMMI was developed by the Software Engineering Institute and is now managed by the CMMI Institute. It provides organizations a common framework to assess their processes, identify weaknesses, and guide improvements to better meet business needs and customer requirements.