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This is how Artificial Intelligence is going to revolutionize the field of Project Management
From a multinational company and large sized industries to a little cafe in the corner of a town, every business requires planning, managing and strategy to hit the success node.
With changing trends, we are equipped with several tools that help us do all that but are they really efficient and have the ability to handle complex things or warn about the threats? To an extent, yes they are helpful but a successful business demands more which brings us to the discussion about ‘Artificial Intelligence’.
The support systems that are based on Artificial Intelligence and machine learning can serve our needs efficiently by providing various benefits like the reduced costs, time and improved safety.
Let’s see how AI is expected to affect the field of Project Management
Predictions and risk probability
Risk and reward go hand in hand and every business at some point or the other goes through a phase where a calculated risk has to be taken for betterment of the organization. In such cases, experience of professionals comes handy but that isn’t enough as we humans can’t make perfectly calculated, balanced or completely rational decisions. The predictions we make may include some part of optimism instead of data knowledge. To combat this problem, using AI or Machine learning as a source is a great option.
For instance, Aptage is the AI based software that helps you make better business decisions and predicts risks or failure based on the data available. All you have to do is enter the low and high bounds and other details like start and end of each phase of project and the software will do the things for you in an extremely professional and efficient manner without drawbacks.
Improved best and worst case analysis
There will be times where despite proper planning and strategy, the team is faced with a sudden drop down or a situation where things seem to go downhill. In such cases, AI can act as an adviser to better the situation or at least avoid the situation from getting worse. Moreover, it provides best and worst case scenarios that can be used as a shield to avoid certain types of risks before starting the project and also to overcome the common mistakes made by Project Managers.
The algorithm and models are used to display the risk rates and other information relating to the project. This visualization concept creates a sense of urgency during the initial stages and gives a sense of direction during the times of crisis.
Enhanced Resource Management
With AI applied to monitoring tools, resource management has reached a whole new level for various businesses. It helps track performance of the team, products and even helps analyze things by tracking the progress in each phase of a project.
Like we already know, AI is great for predicting risks and failures. It gives us an advantage of making balanced decisions as the source of its data is reliable. For entrepreneurs, this is a great way to handle things without getting involved into risky management as AI related tools offer a regression model based on the previous data and help businesses with budget estimates.
The Bot power
This one is surely everyone’s favorite these days and adopted by almost every business that has its presence on the internet. Bots are trending and it’s no surprise that they are helping project managers with several issues. One such Bot is Knightspear, this IT project management tool has become a dear adviser of several project managers by helping them with fixes, reminding them of the due dates and even providing suggestions for handling a crisis. And like any good adviser, the Bot offers honest suggestions for improvements too.
All this being said, if we conclude with the statement “AI is the future”, we are certain you will agree with us. Whilst a huge part of AI is yet to be included in the project management field and many projects are still in their research phase, there are a lot of other tools based on AI that are helping organizations with their immaculate accuracy.
“Everything that we have electrified, we are now going to cognify.
And I would suggest that the formula for the next 10,000 startups be very very simple: take X – and add AI. “
— Kevin Kelly, Founding executive editor, Wired Magazine.