When it comes to artificial intelligence (AI), it is not possible today to pretend nothing has happened. We cannot ignore how this technology will play a decisive role also in project management in the coming years.
TABLE OF CONTENTS
- What is artificial intelligence in project management?
- Three ways in which artificial intelligence can improve project management
- Reduce the failure rate of projects thanks to predictive analysis
- More accurate project planning thanks to the AI
- The contribution of project managers will have a higher value thanks to artificial intelligence
For project managers, it is normal to manage, on certain occasions, not only different teams, but also different projects simultaneously. It is therefore obvious that, for the PM, finding a way to make the process easier and more efficient is a primary goal.
By creating a smoother process, project managers are able to get more reliable results and can help guide team members more effectively.
Artificial intelligence is becoming more and more important in the tools used by these professionals. Therefore, the technology is increasing both in the project management as well as in the planning and analysis phases.
Artificial intelligence must therefore not be feared, but welcomed in a positive way as a new step towards efficiency in project management.
What is artificial intelligence in project management?
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Artificial intelligence is a system capable of performing the daily management and administration of projects without requiring human input.
The AI will not only automate simple tasks, but will also develop an understanding of the key performance of the project.
Artificial intelligence in project management can then use this understanding to discover insights, perform more complex tasks, make recommendations, and make decisions, sometimes in very different ways than people would do.
Three ways in which artificial intelligence can improve project management
Artificial intelligence in project management offers a level of service that exceeds that of the robots available today. For example, a bot that allows you to quickly check the status of an activity, although useful, is not exactly artificial intelligence.
In a similar way, an algorithm that applies machine learning to predict asset estimates, is interesting, but even this is not artificial intelligence.
It is only when you begin to unify robots and algorithms that you begin to realize the potential of artificial intelligence in project management.
Reduce the failure rate of projects thanks to predictive analysis
Throughout its life cycle, each project encounters a series of risks and uncertainties that can cause its failure.
The team must assess and respond regularly to all the risks they identify based on their experience, knowledge, and available tools.
Risk assessment can turn into a disaster if the project manager, together with the team, is not able to register new, potential, or intrinsic risks in time, especially in the case of large projects.
And if in these cases, was it possible to use an intelligent machine that can analyse historical data and send requests in order to develop a more in-depth risk classification system?
Machine learning allows computers to use design data and sophisticated algorithms to predict results and identify threats and vulnerabilities that affect the project.
More accurate project planning thanks to the AI
In general, the planning of the project concerns the creation of a detailed forecast on how to best use the resources available in terms of project goals.
As a project manager, it is necessary to re-evaluate durations, costs, and progress many times during a project. This is to ensure that the same project is executed as planned and to understand which actions can be taken in order to keep the project on track.
Of course, estimates made quickly or using unsuitable and conservative methods can lead to completely wrong values and, consequently, to the failure of the project.
This is why project planning can be optimized with artificial intelligence.
A system based on artificial intelligence could analyse historical data, productivity rates, time estimates, working hours, etc … All this, so that it is possible to develop an optimized model of the project management process by automating repetitive tasks.
The contribution of project managers will have a higher value thanks to artificial intelligence
The work of a project manager, thanks to artificial intelligence, will see important changes.
As mentioned above, thanks to AI, it will be possible to automate repetitive tasks and routines and project managers will be able to devote more time to strategic and tactical thinking and judgment.
A project manager will focus on more value-added activities thanks to the possibility of delegating to intelligent machines.
For example, the assignment and planning of jobs will be managed by computers that will use data mining and predictive analysis to design precise timelines and assign jobs to the appropriate team members.
As artificial intelligence becomes more effective, project managers will rely on the decisions of the machines that will advise future trends, automate time scheduling, and respond to requests coming from superiors and staff.
Artificial intelligence in project management: Conclusions
In conclusion, artificial intelligence in project management will therefore have a huge impact on team performance and project results.
The teams that will use this new technology will move very quickly compared to those that will not. And it is something to be excited about.
About a decade ago, most of us were sceptical about using artificial intelligence almost everywhere, both in business and in everyday life.
We thought that AI could only be used for repetitive tasks, and programs were created to perform simple and routine tasks.
But with big data, growing processing power and advanced algorithms, we now know that artificial intelligence systems can be designed to perform even complex tasks and that artificial intelligence has the ability to come to think and act (almost) like a human.