Artificial Intelligence (AI) and machine learning have found a wide range of business applications. The most important capabilities of AI, that we already know, are processing large amounts of data quickly, finding patterns in data, learning from it and making predictions. Due to its unique ability to monitor specific patterns and forecasting project scenarios and outcomes, AI is and will continue to be an emerging trend in the project management area.
AI has been and will continue to revolutionize and transform project management. Some examples of the impact of AI in several aspect of project management are listed below.
1. Business Insights and Productivity
- AI is programmed to follow specific, rule-based workflows, which means that roadblocks can be quickly addressed. AI enables project management to provide more insights into possible outcomes, which will lead to an enhanced quality of the decision making.
- AI can boost business productivity by automating several repetitive processes.
2. Planning & Resource Allocation
AI can improve the accuracy of the project planning and supports the project manager to monitor the project’s progression. This is especially valuable when dealing with large and complex projects. AI-enhanced project management tools can help in making the right decision on the best allocation of resources for your project.
- Machine learning algorithms can be used to provide estimates of duration, resource and budget requirements for project activities based on historical information from previous projects.
- Project planning can be made more robust by enabling auto-scheduling by means of programmed logic and rules. In addition, progress and task status can be tracked automatically and alerting the project manager
- Historical data can be used to build custom workflow and estimate workload, review work and time-off schedules, pinpoint training needed for a specific resource or even suggest new hiring based on the application in the career portal matching to the skills required for the project.
3. Holistic Project View
- AI can provide real time data and project status updates through data visualization. This can help the team and management to discuss the status of a project and allows informed decision-making on the project duration, cost, and strategy.
- It is not easy to prioritize tasks especially when working in teams.AI can help the team to better understand the critical activities, their actual priorities, or focus on a particular task.