By Peter Tarhanidis, Ph.D.
One of the impacts artificial intelligence has had is prompting a reconstitution of project management. Here I look to leading industry experts to explore the benefits to project management systems due to matured AI software; and the maturity of the project manager as a data- and fact-driven champion of business outcomes and innovation. This combination of advanced project systems performance and leadership competence will significantly transform project success rates.
As a background to the current state of project management, HBR states that $48 trillion is invested annually in projects. The Standish Group notes that only 35% of projects are successful, and 65% of projects waste resources and have unrealized benefits.
Additionally, Proofhub attributes project failure to firms that lack project management delivery systems; they are prone to miss targets and overspend. It noted that 67% of projects fail because project management is undervalued; 44% of all managers do not believe in the importance of project management software; and 46% of firms place a high priority on project management. Also noted: Utilizing a good software program reduces failure by 10%, and scope creep by 17%.
More specifically, a PMI Learning Library article noted some reasons for project failure:
Gartner Inc. analysts predict that by 2030, AI software—driven by conversational AI, machine learning and robotic process automation for gathering data, reporting and tracking—will eliminate 80% of all project management office tasks. Gartner identifies project management disruption in six aspects:
PwC envisions AI-enabled project management software will improve a project leader’s decision-making process across the following five key areas crucial to success:
PwC posits the advancements in project management software are an opportunity for firms and leaders that are most ready to take advantage of this disruption and reap the rewards.
AI’s capability to assess disparate sources of big data to obtain actionable insights arms project managers with improved decision-making competence throughout the project lifecycle. However, a challenge noted by PwC’s recent analysis of OECD data (covering 200,000 jobs in 29 countries) warns that AI’s job displacement effect will automate 30% of jobs involving administrative manual tasks by the mid-2030s. This indicates a clear need to upskill project manager competence in order to thrive in the future.
In order to succeed, a firm’s culture of adaptability and lifelong learning is a cornerstone for shifting today’s project management roles into the future. They will need to expand competence in soft skills, business and management skills, technical and digital skills—all working in concert with each other.
IAPM states project managers will face fundamental changes over the next 10 years with job descriptions and roles. It suggests AI will make logical analysis and decisions, allowing the PM to focus their main area of responsibility on creativity, resolving conflicts, and innovation.
Lastly, with any transformation or disruption, one must consider the actions and obstacles—whether financial, management support, or workforce ability—to embrace and enact change. Here are some key considerations to reflect on:
Post your thoughts in the comments!
Building Team Synergy and Resilience
Human Aspects of PM,
Categories: digital transformation, Agile, Human Resources, Portfolio Management, Best Practices, Human Aspects of PM, Facilitation, Roundtable, Strategy, Mentoring, Career Development, Stakeholder, Innovation, Change Management, Leadership, Lessons Learned, Program Management, Benefits Realization, Complexity, Talent Management, Teams, Programs (PMO)
By Peter Tarhanidis, PhD
As the pandemic stretches on, work-from-home programs continue to keep teams working virtually. During this time, we have performed courageously to deliver our strategic and business outcomes. Here I will share a select review of advice from industry experts as they explore how to build a post-pandemic response strategy.
According to McKinsey (2022), organizations have pivoted to deliver sustainable and inclusive growth toward building a better world. And Harvard Business Review (2020) notes that all types of companies have navigated the pandemic by pivoting their business models in the short term to survive—becoming more resilient in the long term.
Yet not all pivots generated an improved business outcome. Three trends in particular can help ensure a successful pivot:
PWC’s Global Crisis Survey identified three key lessons that businesses can adopt for long-term resilience:
An opportunity, therefore, exists to consider how to prepare your team’s competence in driving synergy and resilience in order to lead post-pandemic growth strategies—and simultaneously pivot from those same strategies.
Here is a shortlist of what leaders can do to prepare for a post-pandemic recovery and support an organization:
In the end, the teams that are ready to execute and can pivot as necessary will be ready for the post-pandemic competitive environment.
Let me know if you have uncovered additional successful strategies—or any pitfalls to avoid—in building team synergy and resilience.
AI To Disrupt Project Management
Nontraditional Project Management,
Human Aspects of PM,
IT Project Management,
Categories: digital transformation, Human Resources, Nontraditional Project Management, Portfolio Management, Tools, Human Aspects of PM, Generational PM, Facilitation, Cloud Computing, Strategy, Career Development, Stakeholder, Innovation, Change Management, Leadership, Program Management, Complexity, Ethics, IT Project Management, Talent Management, Teams, Education, Programs (PMO)
By Peter Tarhanidis, PhD
Technology has demonstrated tremendous benefits and efficiencies (many of them unstated) over time. The technology lifecyle enhancements that started with our initial computers, software programs and the internet of the past have given way to the modern-day cloud, Big Data and artificial intelligence.
Throughout this maturing landscape, technology has affected all industries—especially how we collaborate. According to Peng (2021), here are some key impacts to consider:
Project management has benefitted from the overall technology lifecycle, either by implementing aspects of it or by being a user of its collaboration outputs. Yet project managers are at the doorstep of being part of the next wave of AI disruption.
What a PM organization must consider is the methods and concepts used in managing past programs and become proactive in shifting to an AI-enabled PM organization. There is no doubt that the role of PMs and our methodology will be augmented with AI-enabled assistance.
PwC identified five areas of AI disruption and decision making in project management:
To prepare for these changes, project managers should:
In order for these changes to emerge, there are a few considerations that may hold one back from the changes—such as organizational readiness, employee skills assessments, and the state of technical tools.
PwC outlines a change approach to assist in the transition that relies on updating project management strategy, leveraging technology investments, integrating digital and AI, and a comprehensive communication plan to generate awareness through adoption by the future project management workforce.
What other approaches have you used—or should be considered—to manage AI disruption in project management?