Project Management

Impact of AI and Data Analytics on Project Management

Authors :-

Padmesh Agrekar

VIT , Pune

Over the span of a few years, a new era seems to have evolved in many ways. There are several factors such as big data, blockchain technology, artificial intelligence, machine learning, data analytics which seem to have an increasing and very effective impact on our day to day lives and activities. It seems that we are driving towards a revolution that is forming a new AI-powered decision making system and support systems. Whether it's personal and professional front, Artificial intelligence and data analytics has become the game-changer in many aspects .

Role / Importance of Analytics and AI :

Analytics also plays a important role especially for the project managers. Beyond simply gathering the data from one project, data analytics allows the project managers to level up their understanding of how every current or proposed project fits into the overall picture and affect each other. The major goal of a project is to increase quality, to resolve a system problem, to improve operations or prevent losses, here the analytics can give project managers the insight which is necessary to make the project more successful in many ways.

Now, do you really think that the industry insiders do vouch for the viability of a current trend as it is leaning to change overnight? Probably not! It's the small daily changes that are made to transform the rules of the game continuously (like we say the ‘the game changer’). And nobody really talks about how businesses should be aiming to be the forefront of the competition- of course using the emerging technologies. Artificial Intelligence and data analytics both are a bit difficult to handle, but at the same time when used correctly, the technology can definitely increase the productivity and reduce the errors drastically.There is no denying in the fact that irrespective of your business whether you are into software development to construction to logistics and finance, you will have some projects that require constant managing and monitoring. So, how artificial intelligence (AI) the assistant that project managers need? From supporting desks to chatting with customers, taking all the monotonous and boring tasks that we, in general, avoid doing, AI successfully does for us.

Beginning of Advanced Project Management with AI and Analytics :

Let's have an early look at how artificial intelligence, machine learning, and predictive analytics work. Of course, managing a project takes hell more than just making a great plan in advance and sticking to it. And having more and more inter-dependencies within your project and external changes which mind you it will one day makes the outcome unpredictable. Although, modern management techniques such as agile and continuous delivery aim to reduce uncertainty by working incrementally, but that still doesn't guarantee the final delivery. Using analytics can also help project managers handle complex projects and keep them on-schedule and on-budget. Using analytics, project management professionals have the ability to go beyond simply capturing data and checking tasks off as they’re completed. Now, they can find out a multitude of information, including exactly how projects are performing, and whether or not they are in line with the overall objectives. Analytics give project managers the ability to make strategic decisions and improve project success rate.

The rules of the game are constantly changing, and businesses must adapt to this fast-changing world to be on the forefront of the competition. For companies that work on projects regularly, AI-based solutions can increase productivity and reduce errors drastically. Project management/ delivery involves knowledge and skills to carry out activities in order to achieve established corporate goals .

Analytics show how a project relates to and impacts the rest of the organization. Project management analytics can help teams ensure projects will be completed on time and according to specifications. In addition, analytics can help a project manager assess the viability of various options and avoid unforeseen problems – with real-time flexibility that can help avert disaster.

Traditionally, companies have used data to forecast trends based on historical evidence. As the amount of available data has exploded – particularly with the Internet and social media – obtaining meaningful insights has become more difficult. Analytics make it possible to find the meaning behind the numbers, so they can be used to predict outcomes against variables.

This concludes that this is technological advancement era and every professional field has experienced increased technological advancement, and this has led to better lives for human beings. Technological advancement has led to the development of data science and big data which employ AI as their backend. AI has been defined as devices that assist in making various perceptions regarding the environment while helping in adopting actions that increase the probability of goals achievement. Various fields are now applying AI.

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