Nowadays, a lot of people are familiar with the term artificial intelligence (AI) but most people do not know what it actually is or how it applies to their relative fields. This applies to several project managers not knowing the role of AI in project management. Are you one of them?
Simply, AI is the imitation and inculcation of human cognitive processes by computer systems, thereby allowing machines to mimic human abilities such as problem-solving, speech, visual perception, learning, decision-making, and natural language understanding. No wonder AI (Artificial intelligence) is playing an increasingly important role in our lives.
In the business world, AI helps with the automation of tasks, the creation of efficiencies, and the improvement of decision-making. Likewise, AI in project management can relieve project managers from some tasks that take up an annoyingly unnecessary amount of time.
Now, let’s talk about four specific roles of AI in project management.
4 Roles of AI in Project Management
1. Automation of tasks
AI is widely used to automate tasks in several industries and this includes project management. Project managers are often burdened by repetitive and manual work that can and should be automated.
With AI in project management, project managers can simply identify such necessary but low-value tasks associated with managing a project and let it (AI) take them up to reduce the tiring work of project management.
This free time created by AI taking up labor-intensive tasks can be used by project managers to focus on more strategic, intellectually stimulating, and creative tasks. Project managers will then have the time for other core areas of their businesses such as the project vision and people management.
2. Risk management
Risk management is another aspect in which AI in project management can be useful. AI can easily access a project and pinpoint the risks in it and suggest possible ways to mitigate such risks.
AI can also signal the project manager about possible opportunities. If used right, it helps in foreseeing possible reactions from stakeholders and helps you in adjusting your management strategies accordingly. AI can help you take advantage of possible profitable opportunities and avoid possible risks.
3. Intelligent assistance
With AI you do not have to search through dozens of lists and spreadsheets to find out answers to questions. You can simply ask and you will get answers in no time.
As another application of AI, if your project has been delayed you do not need to manually reschedule such a task. Rather, AI-driven algorithms will carry out the task you would have given, which is to move resourcing for that project around and reschedule it for the upcoming month. You can then, easily access the new plan that is ready to go.
4. Predictive analysis
This is a use of AI in project management that allows a project manager to assess what will happen in the future. Such predictions will be more accurate because of human bias and errors will be eliminated.
Predictive analysis done by AI also helps with cost management. AI in project management enables you and your team to create several price models, compare them based on different criteria and against a lot of elements, build a dynamic pricing strategy, and finally predict a project cost.
Conclusion
AI has proven to be useful in various aspects of life. And as businesses continuously try to gain a competitive edge, the role of AI in project management becomes increasingly important. Artificial Intelligence automates tasks, improves communication between project managers and their team, and provides predictive analysis of projects, among other things. It is not difficult to see how AI in project management can use its roles to revolutionize the industry.
