Artificial Intelligence in Project Management: The Present and The Future
Research by AXELOS back in 2017 showed that 90% (of the respondents) believe that the level and complexity of risks will increase in Project Management. This was one of the direct indications to the fact that there was and is a need for additional support in project management.
It is a popular belief that Artificial Intelligence and Machine Learning can be the answer to the increasing complexity. Sizable investment has already been made to make AI and ML available and become a key player in project management. According to Crunchbase, over 5000 start-ups were relying on ML in 2018 and in just a year, the number reached 9000. It is estimated by PwC that by 2030, AI will contribute $15.7 trillion to the global GDP.
The numbers are impressive and they make experts in the field inquisitive about the role of AI in project management. Will AI completely replace human involvement in the project? With AI an ML be sufficient to predict or identify all threats and take substantial measures to avoid them?
Well, the answer is ‘NO’. While AI has already started to supplement project management, the chance that it will completely remove human involvement is slim to zero. It will, however, supplement project managers and help in better project delivery.
At present application of AI in project management is in its nascent stage. However, there are a couple of tools that continue to provide utility to project managers.
Knowledge Base Expert System consists of an interference engine and a knowledge base and works on the traditional “if-then” principle. KBE take historical data and input from experienced project managers to provide an estimate of resource requirement.
Another popular tool is the Fuzzy Logic, which is based on the “true-false” logic. Fuzzy Logic can be used by project managers to determine project priorities. It can also improve cost-time trade-off which directly helps project managers in planning an optimal budget.
While the current employment of AI is limited, it holds tremendous scope and has the prospects to revolutionaries the project management. In the years to come, AI and ML will begin contributing to multiple levels of project planning and…