Initial $($Level $1)$:

Characteristics: Processes are ad hoc and chaotic. Success depends on individual effort, and there are few if any processes in place.

Outcomes: Projects often exceed budgets and schedules. Quality is unpredictable.

Repeatable $($Level $2)$:

Characteristics: Basic project management processes are established to track cost, schedule, and functionality.

Outcomes: Projects are managed and controlled, and past successes can be repeated for similar projects.

Defined $($Level $3)$:

Characteristics: Software process for both management and engineering activities is documented, standardized, and integrated into an organizational process.

Outcomes: Processes are well$-$characterized and understood, and roles and responsibilities are clearly defined.

Managed $($Level $4)$:

Characteristics: Detailed measures of the software process and product quality are collected. Both the processes and products are quantitatively understood and controlled.

Outcomes: The organization has a quantitative understanding of the process and can predictably produce high$-$quality software.

Optimizing $($Level $5)$:

Characteristics: Continuous process improvement is enabled by quantitative feedback from the process and from testing innovative ideas and technologies.

Outcomes: The organization can identify and eliminate the causes of defects and continually improve processes.

These levels help organizations systematically improve their software development processes, leading to better quality and predictability. please paraphrase