This informal CPD article How AI can help in Project Management? was provided by The Tesseract Academy, providing executive training in data science, AI and blockchain.
How AI can help in Project Management?
Artificial intelligence has already begun to change and alter project management. AI's capacity for data interpretation enables it to deliver insights on project parameters in real time. It has the distinct advantage of being able to monitor particular patterns and predict the scenarios and results of projects. It gives project managers the ability to make choices that are data-driven and are based on previous experience.
Here are four examples of the influence that AI has had on various different aspects of project management.
1. Insights on Business and Increased Productivity
Since AI is trained to adhere to predefined, rule-based procedures, it is able to circumvent and overcome obstacles far more rapidly than humans. AI can help businesses become more productive by automating a number of mundane tasks such as scheduling, compiling reports, and generating insights. This will then allow project managers to focus on high-value projects that need human intervention or have a great deal of uncertainty.
2. Organizing and Distributing Available Resources
AI has the potential to increase the accuracy of project planning and provide the project manager with help in tracking the progress of the project. This is of utmost importance when dealing with undertakings of a significant scale and complexity. Tools for managing projects that are augmented with artificial intelligence may be of assistance in determining how to distribute project resources in the most effective manner.
On the basis of past data from completed projects, machine learning algorithms may be used to generate estimates of the amount of time, resources, and money that will be needed to complete project tasks. By permitting auto-scheduling with the help of programmed logic and rules, one may make the process of project planning more reliable. In addition, the project manager may be notified immediately of the progress that has been made as well as the current status of any tasks.
The use of historical data enables the construction of a custom workflow and the estimation of workload, as well as the review of work and time-off schedules, the identification of specific training requirements for a resource and the skills required for the project.
3. Risk Management
It is possible to identify and mitigate project risks before they pose a threat to the project's success or to the quality of the work being done, thanks in large part to artificial intelligence software. The use of AI is gradually expanding. When it comes to the administration of projects, many companies are coming to the realization that artificial intelligence software and tools are quite important. As a consequence, AI may assist a project manager in producing better outcomes. It is possible that we, as project and portfolio management professionals working for a company like yours, might be of help to you in setting up the necessary software and processes.
4. Perspective on the Holistic Project
Using data visualization, AI is able to deliver real-time data as well as updates and generating reports on the progress of projects. This makes it possible for the team and management to discuss the current state of a project and enables informed decision-making about the length, cost, and direction of the project.
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