PSP stand for Personal Software Process. It is one of the methodologies of software engineering that promote building of quality software (with less bugs and less bloat). This is a highly merit based approach to software engineering this approach however have not been widely adopted in the industry not because the practice of PSP itself have a lot pitfalls but because practicing PSP is intellectually challenging and training one to practice PSP takes a long time and is a bit expensive. But even if its not worth widely adopted its still offers great practices that can be applied to any software development methodologies.
Every programmer/software developer should try PSP.