How AI can Transform Your Project Management Methodology

How AI can Transform Your Project Management Methodology

Our everyday experiences with digital technology are gradually being impacted through Artificial Intelligence-based tools and services. It is intruding every industry and project management is no exception to this.

As per the report of AI Innovators: “The imposing of AI in project management has made an impact up to 81%, and project managers have also admitted it”.

The same report has also predicted that the AI-powered project management methodology will increase from 25% to 40% in the coming years.

A project manager in an IT company is always engaged with different projects with complex and monolithic project structures and uses SaaS web apps.

With the rise of AI technology, the managing capabilities are becoming easier and efficient.

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As the impact of AI will increase more businesses will start adopting this new trend. So, incoming future AI will change the

  • ways projects are managed
  • strategies and their implementation
  • decision making

However, the introduction of AI and machine learning also brings new challenges to the crease.

Google’s CEO goes so far as to say that “AI is one of the most important things humanity is working on. It is more profound than electricity or fire.

So, it is becoming less of a “nice to have” and instead crucial for technical project managers to have a healthy relationship with this technological wonder.

How it Benefits the Businesses

With the use of artificial intelligence in PMO, the companies now have the ability to improve the productivity of their day-to-day tasks as well as plan for the projects in a better way.

Let’s have a deep dive into the common benefits that a business gets from an AI-based project management methodology.

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Predictive Analytics

Recently, McKinsey shared their study by analyzing 1800 software on project management, and according to this report”only 30% projects are delivered on time.”

And the report also says, the projects also managed to meet the deadline because of the removal of certain features from the project scope.

The study also revealed that in the AI-based project management, the delivery percentage becomes higher when the project manager used the predictive models.

By leveraging predictive analytics for planning and decision-making, project managers can significantly increase the project success rate. The predictive analytics also help you with:

Risk Management

Each project has risks, beyond team dependency, and conjectures attached to it.

And the project manager’s duty is to evaluate and react to these risks effectively unless the same risks may be a reason for project failure.

Artificial intelligence at your workplace will make your job easier as the AI system will notify about the potential risks, by analyzing both historical and real-time project data.

So, as a project manager, you would have more visibility at your project and possibly predict the project outcomes.

For example, the project admin can see whether the project delivery will be achieved before the time frame or not, by analyzing the time being spent on a task in real-time.

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Project Estimation

You must have faced such situations where you are not sure when the project might complete and how much budget you need to spend for it.

And to find a solution you need to go through the historic project execution data where you can miss some important data on most occasions.

But AI and machine learning have great expertise in analyzing large data banks and find the right pattern from it.

So, here AI delivers the most useful information that helps you with near to accurate project estimation.

Knowledge-Based System

Nowadays, AI-based systems are cleverer than ever before and can discover new forms with the passage of time.

It can follow the circumstances of the data and it means it can provide useful project management insights that will help to make the right decisions.

This knowledge-based system also carries human learning, and it makes the executor more efficient at what they do.

Learning from a plethora of previously executed projects and associated project management artifacts will be utilized to train AI to effectively assist the project manager in all aspects of project management including charter development, time and resource estimation, communications, risk identification and management.” – Mark Broome, chief data officer at PMI

Machine Learning

We can say, the machine learning system is the heart of AI technology. As I mentioned earlier, it makes a vital role when you need to identify a pattern from complex data.

To study the right pattern for projects, the project managers can harness the power of machine learning. So you can highlight the areas where you need to accelerate and where you need to loosen up a bit.

The machine learning in project management helps to assess risks and allows finance managers to provide a more considerable offer to clients.

It can also be used to automate approval workflows and remove friction.

All these scenarios help to increase the business’s revenue and profits.

Decision Support System

There are 2 common questions that always float around in most businesses:

  • An AI-powered decision support system can improve project completion rate by decreasing budget and errors?
  • Can AI systems improve efficiency and check your project from surpassing deadlines and budget?

And the answer is yes, if you are using AI-integrated project management methodology.

The AI system creates the smart processes to automate your decision-making procedure. Also, it helps project managers to make the correct decisions in complex situations.

Better Resource Management

Some AI-based tools businesses are already adopting such as predictive maintenance can make the project more efficient.” – Lance Olsen, Director of Microsoft’s Cloud AI team.

Task management tools like Orangescrum is the best example in this regard.

It uses an ingenious task assignment method to optimize resource utilization and increase productivity without messing with your employees.

Project managers can also automate normal and repeated tasks with AI and give their team members focus on more high-priority actions.

Conclusion

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Overall, an AI-enabled project management system will make both direct and indirect impacts on the current roles of the workforce across organizations.

Be it project managers, HR, IT managers, Data Analysts, Data Scientists, Solution Architects, Customer Success Managers, Developers, and Quality Analysts etc. The impact need not be negative.

In fact, it would entail a lot of up skilling and rescaling of resources to accommodate, adopt and be adept in the use of AI.

From all these, one thing is certain that AI will continue to hold significance for project managers and projects worldwide.

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