HomeTECHNOLOGYARTIFICIAL INTELLIGENCEBenefits Of Artificial Intelligence In Project Management

Benefits Of Artificial Intelligence In Project Management

Over the past few years, the benefits of Artificial Intelligence have been felt in every sector of our life, including project management. Artificial Intelligence (AI) emerged as a crucial technology in every aspect of human life. From big data to deep learning, Google’s search engine result page’s auto-suggestion to Apple’s Siri – these are few examples of the penetration of Artificial Intelligence in our daily life. The fast-changing revolution of AI-powered tools and techniques is making human life much easier and efficient. Our personal and professional life is highly impacted by Artificial Intelligence. It will be penetrating our life more and more in the future.

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Many organizations work on projects regularly for their clients and themselves. The use of AI-based systems can reduce complexity and increase productivity.

Project management involves the knowledge and skills for creating new products and solutions. A project management survey done in 2019 shows that Artificial Intelligence is disrupting the industry – approximately 81% out of 551 survey responders accepted that their companies are using AI technologies in their project management or related domains. It shows the importance of AI in project management.

In this article, we shall discuss the benefits of Artificial Intelligence in project management.

How Artificial Intelligence is a Game Changer in Project Management?

Artificial Intelligence is defined as simulations of human intelligence into machines that are programmed to respond like humans and learn new things based on previous experiences. The term AI is also used for those machines that show some traits of human intelligence like learning and problem-solving.

The rules of business are changing very fast and corporations must adopt this fast-changing environment in order to be in the cut-throat competition. By adopting AI, companies are now able to increase their efficiency and make better plans for the future.

With the advancement of AI-based technologies, the need for human resources has also decreased in cumbersome tasks, thereby enabling the workforce to engage in better and more rewarding tasks.

In a recent survey conducted by McKinsey, out of 1800 software projects available for study, only 30% of them were delivered on time. Apart from that, one out of five projects was able to follow the pre-planned schedule because they took some functionality out of the project scope. We are well aware of what a delay in a project means – more operational cost and a significant increase in the overall cost.

In that way, the AI-based predictive analytics tools have gained immense popularity in the project management market. With the help of this technology, corporations are starting to take advantage of AI to estimate the efforts and resources required to finish the project more accurately.

Also Read: Time For Artificial Intelligence In IT Security

Let us see how AI will be beneficial to us while applying it to project management.

AI Can Automate the Repetitive and Tedious Tasks

There are many tasks in any organisation, which are repetitive and tedious. AI can perform these tasks with much more efficiency, and manpower involved in those tasks can contribute to other productive work.

Global research and advisory firm Gartner predicted that AI augmentation would generate $ 2.9 trillion in business value and recover 6.2 billion hours of worker productivity by 2021. Companies don’t want to spend their valuable time on repetitive and tedious tasks, and that’s why AI-based technologies are getting more attention.

AI Can Improve the Accuracy of the Result

Project management companies can program AI to use historical data to perform calculations and predictions, thereby improving the accuracy of the result. A person can go back only once, and he might lack access to the old results from other projects to use as a reference. But, by using different machine learning algorithms, one can easily program the AI-based system to improve the accuracy of the result.

Big data, which is a part of AI, is very useful while dealing with extremely large amounts of data. Nowadays, it is very common for corporations to use big data techniques to handle their data and analyse it.

AI Can Perform Risk Modeling

Risk modelling is especially useful as agile project management methods continue to dominate the way projects are implemented. AI-based systems can perform risk modelling and analysis based on changes to scope, available resources, and reduced budget, etc.

In any project management process, unforeseen changes are always inevitable and AI will predict the impact based on how previous changes impacted the result. Human beings cannot predict the impact of unnoticed changes.

AI Can Increase the Decision Making Speed

It is critical to increasing the decision making speed in project management and humans have limited ability to process information. Here, AI-based systems can play a crucial role as these systems can significantly increase the decision-making process.

As we know, AI-based machines are programmed for a specific, rule-based workflow. Therefore, roadblocks and bottlenecks can be quickly addressed with the help of AI. In this way, monitoring and sending notifications about the project management updates become very fast and efficient.

AI Can Optimise the Resource Scheduling and Allocation

As companies want to optimise their resources in order to reduce their operational cost, AI can help them to do so. In a project management process, it is important to figure out who is needed to perform a particular task, if they are available, and how long they are needed. These are difficult questions to answer. But, if we are able to load all the required information into an AI-based project management application, it can suggest the best possible allocation of available resources for that project.

Final Thoughts

Artificial Intelligence is revolutionising the way companies work, and project management is an essential domain positively influenced by these changes. The benefits of Artificial Intelligence in project management are extensive and interconnected to the whole business production chain. Therefore, it is suggested that organisations should apply AI-based project management systems at the earliest.

Frequently Asked Questions (FAQs)

Q. What is Artificial Intelligence (AI)?

Ans: AI is the ability of machines to learn specific things based upon past experiences just like human beings. With the help of AI, machines can mimic the human mind and its capabilities like learning from examples and experiences, recognising objects, understanding and responding to human languages, and taking decisions.

Q. What is project management?

Ans: Project management is the process of planning and executing some specific tasks and meeting the success criteria at a particular time. The main challenge in project management is to accomplish all the project goals within the specific time frame.

Q. How can AI be implemented in project management?

Ans: With the help of various AI and machine learning tools and techniques, one can apply AI in project management. It depends upon the particular project which AI algorithm we should use in our project management.

Q. What are the benefits of AI in project management?

Ans: Followings are the benefits of AI in project management:

  • AI can automate difficult and tedious tasks.
  • AI can improve the accuracy of the results of the task.
  • It can perform risk modelling.
  • It can improve the decision-making process in project management.
  • It can optimize the available resources.

Also Read: Top 10 Artificial Intelligence Technologies In 2020