Artificial Intelligence in Project Management Process
Shall Artificial intelligence (AI) in Project Management make our life easier or the worst nightmare? It completely depends on how we look at it. If we think of AI as a tool to help us do a better job than it can save our time by curating and validating large volumes of data. In this article we will look on the major impact AI will bring in Project management field and how we can make the most of it.
Many decisions have to be taken by leadership and sponsor before the finalization of the project charter and official approval of the project. Reviewing things like initial versus ongoing investment, make versus buy, risks versus rewards, economic trends and forecasts can take longer time. AI can assist by providing realistic data based on intelligence from similar past projects. Also, it enables senior leaders to select projects that have a higher likelihood of success. Another aspect of initiating projects that AI can help with is making better predictions. Banks are already using AI system for credit scoring to calculate the likelihood you’ll pay your loans on time.
AI emphasizes predictive planning, comprehensive estimation, and automated resource matching. This enables us to streamline our planning and make better AI data-driven decisions rather than relying on our gut instincts. If we take this a step further AI can add even more value by acting as our digital assistant augmenting everyday planning activities like collecting requirements from stakeholders, tracking assumptions, and archiving business documents and agreements. It can even delve in the previous projects and search for lessons learned to help you come up with a more realistic schedule and budget estimates. And as artificial intelligence progresses it will be able to partially or fully take over the work of allocating resources, analyzing risks and planning risk responses.
AI can create a workflow based on previous similar projects. After that, AI can manage the workflow, update it as necessary and monitor the quality of the output automatically. AI can optimize the process by mapping resources to the workflows means it is can find the right resources for our project, check their availability in real time and match them to the right roles. AI can send the right message to the right stakeholder at the right time. AI needs access to a knowledge base and a steady stream of data it can learn from.
Monitor and control projects
AI assistant can find the root causes of deviations from the KPIs and point them out. We can easily identify which KPI needs greater attention with more intelligent data and a real-time view of what’s happening on the project. AI conducts 24/7 real-time monitoring and performs predictive analysis and forecasting. Once these insights from past projects are combined with information from current projects, an early warning system can alert with the preventative action.
AI can bring more structure to the closing process by conducting 24/7 real-time task closing rather than periodic task closing. AI can create a punch list to keep track of activities that weren’t accomplished during the project. AI can automate the capturing of documents and lesson learned. To build a knowledge management system. AI can capture the insights of closing meeting and add feedbacks to the repository.
For more details and reference, please visit: https://engmrk.com/artificial-intelligence-in-project-management/
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