Powder metallurgy is a process that involves producing metal powders and using them to make finished parts. It consists of three main stages: 1) physically powdering the primary material, 2) injecting the powder into a mold or passing it through a die to form a weakly cohesive pre-form, and 3) applying high pressure, temperature, and time to fully form the final part. The process allows for high production rates, low material waste, and flexibility in alloy choices. Parts are made through blending metal powders, compacting them into shapes using dies and presses, and sintering the compacts to strengthen the bonds between particles.