New ISO Standard for Project Management: Is this Necessary?

For those who haven't heard, there is a new ISO standard being developed for project management ---- ISO 21500.

Considering that PMI standards are already establshed internationally, the first question that comes to my mind is "why?"

Apparently, this standard will build on existing global standards, and will incorporate the work of a number of national standards as well. The project brief for the effort claims that there is a need for common terminology in the face of multiple standards, and that the ISO name recognition goes beyond project management circles, thus gaining broader accceptance.

I'd be curious to hear from others. Is there a compelling need for this? Is there room for another standard, even if this one is from a recognized body like ISO? Does this help or hurt PMI (i.e. can it help PMI by opening up new avenues for promoting project management?). What happens if the two major standards bodies conflict?

My personal opinion is that there will be minimal impact to PMI. PMI standards are well established. The PMP (and now PgMP) credential is sought after by organizations looking to staff and individuals looking to boost their credibility. PMI will probably align with the ISO standard anyway. The ISO standard will probably only serve to augment the industry with additional credibility and recognition. PMI will continute to flourish through its maturity and its focus on community.

Here's the announcement from ISO about their new standard...