Project Management

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Future of Project Management

Artificial intelligence (AI) is the application of cutting-edge tools and machine learning algorithms to augment and automate the decision-making process, ultimately enhancing project performance and efficiency.

  • AI has already begun making its way into more traditional settings to enhance or supplant tasks traditionally done by humans — including project managers.
  • Over the next three years, project professionals expect the proportion of projects they manage using AI to jump from 23% to 37%, according to PMI’s “AI Innovators: Cracking the Code on Project Performance.
  • AI can add value in different stages of the project lifecycle, such as:
    • Allocating resources and distributing tasks, based on data from past projects and current availability.
    • Assisting in matching the right skills and responsibilities to the right resources, by analyzing the competencies and preferences of team members.
    • Helping with the hiring process by engaging the most competent talent for your project, using natural language processing and chatbots.
    • Predicting costs and schedules with a higher degree of confidence, by using AI-powered data analysis that looks at data from past projects.
    • Providing insights and guidance based on data, such as lessons learned, risks, opportunities, and best practices.
    • Automating administrative tasks such as meeting planning, reminders, day-to-day updates, and documentation.
  • AI can also help project managers to focus on higher-level, complex activities and planning, as well as coaching and supporting the team, maintaining regular conversations with key stakeholders, and cultivating a high-performing culture.
  • AI will not replace project managers, but rather act as an assistant that can support decision making and improve project outcomes.


We haven't got the money, so we'll have to think - Ernest Rutherford


Project management AI refers to the application of artificial intelligence (AI) technologies and techniques to assist and optimize various aspects of project management. AI can be leveraged to improve project planning, execution, monitoring, and overall project success. It's essential to note that while AI can significantly enhance project management processes, human project managers remain crucial for interpreting AI-generated insights, making strategic decisions, and providing the necessary human touch to project teams and stakeholders. AI should be seen as a complementary tool to augment project management capabilities rather than a replacement for human expertise.

Here are some ways AI can be utilized in project management:

  • Automated Scheduling: AI algorithms can analyze project requirements, resource availability, and constraints to create optimized project schedules. This helps in efficiently allocating resources and reducing project timelines.
  • Risk Management: AI can analyze historical project data and identify potential risks and their likelihood of occurrence. It can also suggest risk mitigation strategies and assist in contingency planning.
  • Resource Management: AI can analyze resource utilization patterns and predict future resource demands. This helps in resource allocation and prevents overloading or underutilization of team members.
  • Decision Support: AI can assist project managers in making informed decisions by providing data-driven insights and recommendations based on historical project data and current progress.
  • Project Monitoring: AI can continuously monitor project performance and identify any deviations from the plan. This early warning system allows project managers to take corrective actions promptly.
  • Predictive Analytics: AI can use machine learning algorithms to predict project outcomes, completion dates, and potential roadblocks, aiding in proactive planning and risk mitigation.
  • Quality Control: AI can analyze product or service quality data to detect defects or deviations from the set standards, ensuring that deliverables meet the required quality levels.
  • Communication and Collaboration: AI-powered chatbots or virtual assistants can streamline communication within project teams and stakeholders, facilitating quick information exchange and improving collaboration.
  • Cost Management: AI can analyze cost data and historical spending patterns to optimize project budgets, control expenses, and identify potential cost-saving opportunities.


Product Roadmap

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Scaling AI: The Roadmap
Navigate your AI project’s ‘journey to live’ using the roadmap, and use the checkpoints as guiding markers to help take your project beyond proof of concept to value realization. Learn more: https://accntu.re/31NqeeE

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Lean and Mean: Building the Roadmap Machine by Expedia Group PM
A Product Management Event in London on building powerful roadmaps. Subscribe here: https://bit.ly/2xMQLbS

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Product Management Event in Seattle about How to Drive Roadmap Prioritization and Planning. Subscribe here: https://bit.ly/2xMQLbS


Estimation

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Return on Investment (ROI)

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How to compute the ROI on AI projects?
Figuring out the ROI on AI implementations can be challenging. We offer some guidance on how to do that in this video. You can use this framework to make sure that you consider the many aspects of ROI that are especially required for AI projects. Contact the authors at: mehran.irdmousa@mziaviation.com, dr.raj.ramesh@gmail.com

Getting to AI ROI: Finding Value in Your Unstructured Content
Artificial Intelligence is definitely having its moment, but if you’re like most companies, you haven’t yet been able to capture ROI from these exciting technologies. It seems complicated, expensive, requires specialized talent, crazy data requirements, and more. Your boss may have dropped a vague missive onto your desk asking you to “figure out how AI can help enhance our business.” You have piles and piles of unstructured content—contracts, documents, feedback, but you haven’t been able to drive value from your data. Where to even start?

Enterprise Project Portfolio Management (EPPM)

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Run Successful Projects with Machine Learning in EPPM with SAP S/4HANA Cloud
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