Ivan MoreiraProgram & Project Manager | Affidea GroupLisboa, Lisboa, Portugal
I have a very thoughtful question regarding this topic.
How can project managers effectively balance the need for innovation and pushing AI project boundaries with the necessity of robust risk management to ensure project success and stakeholder confidence? Saving Changes...
Ivan MoreiraProgram & Project Manager | Affidea GroupLisboa, Lisboa, Portugal
Aug 21, 2023 5:42 PM
Replying to Kiron Bondale
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Ivan -
Are you referring specifically to the outcome risks (e.g. ethical) of an AI project implementation? If not, then I would feel this is no different than any highly innovative project where effective risk management can still be applied by focusing on identifying and de-risking key risks as early in the life of the project as possible.
Kiron
Dear Kiron, you bring up an excellent point.
While ethical outcome risks are indeed a significant aspect of AI projects, my reference encompasses a broader spectrum, including technical, operational, and compliance risks.
You're correct in saying that the core principles of risk management apply across innovative projects. However, I'm more into the unique and unpredictable nature of AI technology adds to this, like an extra layer of complexity, demanding a more nuanced approach to identifying and mitigating risks. How to balance it in the AI world?
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1 reply by Kiron Bondale
Nov 17, 2023 5:10 PM
Kiron Bondale
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I feel a strategy of well defined policies or other guardrails combined with having the "right" SMEs engaged to ensure that unintended consequences don't emerge are needed.
Ivan MoreiraProgram & Project Manager | Affidea GroupLisboa, Lisboa, Portugal
Oct 12, 2023 12:16 PM
Replying to Ricardo Sastre Martin
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Do you mean using AI in your project delivery or delivering AI projects?
Dear Ricardo, I meant about delivering AI projects, although using AI in projects also raises many questions as well. Saving Changes...
Ivan MoreiraProgram & Project Manager | Affidea GroupLisboa, Lisboa, Portugal
Oct 20, 2023 6:59 PM
Replying to Sergio Luis Conte
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After working in this type of initiatives in several different domains from 1991 up to date I have to say: the same than any other type of intiatives. By the way, in my personal experience, AI is not used because innovation. AI is used to get a better cost/benefit relation in business side.
Hello Sergio, thanks for your contribution. The question is how further we should/could go not losing privacy, and respecting regulations (even this grey zone), and so on... Saving Changes...
Ivan MoreiraProgram & Project Manager | Affidea GroupLisboa, Lisboa, Portugal
Oct 22, 2023 10:06 AM
Replying to Thomas Walenta
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If you consider risk management covering both threats and opportunities, it is relevant for innovation, both complement each other. There is no innovation without identifying opportunities.
And with any innovation, new risks arise.
Dear Thomas, that's true. Enterprises should build their own AI council to decide the limits of innovation, but indeed as much conservative we are, the less innovative they will be and vice versa. Saving Changes...
Ivan MoreiraProgram & Project Manager | Affidea GroupLisboa, Lisboa, Portugal
Oct 22, 2023 2:02 PM
Replying to Hiral Bhatt
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To find the balance between innovation and risk management in AI Projects, PM's need to adopt calculated risk based approach. We can certainly leverage the ability to take risk until we don't loose the opportunity and sure about the expected outcome. So, BEP ( Break even point ) of risk and opportunity is the ideal point to be consider as balance point in AI project.
Thanks for your contribution Hiralkumar, indeed. Almost the same approach that I've mentioned in Thomas's post. :-) Saving Changes...
Dear Kiron, you bring up an excellent point.
While ethical outcome risks are indeed a significant aspect of AI projects, my reference encompasses a broader spectrum, including technical, operational, and compliance risks.
You're correct in saying that the core principles of risk management apply across innovative projects. However, I'm more into the unique and unpredictable nature of AI technology adds to this, like an extra layer of complexity, demanding a more nuanced approach to identifying and mitigating risks. How to balance it in the AI world?
I feel a strategy of well defined policies or other guardrails combined with having the "right" SMEs engaged to ensure that unintended consequences don't emerge are needed.
Markus KopkoAI Enabler for Project & Program Mgmt | Founder PMotion.ai / The PM
AI Coach| PMotion.aiHamburg, Hamburg, Germany
Dear Ivan,
In my experience as a Project and Program Manager, I've found that effectively balancing innovation in AI projects with robust risk management requires a multifaceted approach. Firstly, I always emphasize the importance of a thorough risk assessment tailored to AI's unique challenges like data quality and algorithmic bias. Adopting an agile methodology has been a cornerstone in my projects, allowing for iterative development and quick adaptation.
Regular stakeholder engagement is another key strategy I employ. This ensures alignment of expectations and leverages diverse perspectives for identifying risks and innovative solutions. In building teams, I focus on multidisciplinary skills, incorporating AI, ethics, data privacy, and compliance expertise to foster well-rounded and innovative solutions.
Continual learning and adaptation are imperative in the ever-evolving field of AI. I advocate for ongoing training and knowledge enhancement within my teams. This approach empowers innovation and ensures awareness of potential risks associated with new technologies.
Regarding project monitoring, I set balanced key performance indicators (KPIs) that weigh technical advancements and risk mitigation. Transparent communication is a practice I uphold steadfastly to maintain trust and clarity among all stakeholders.
I design my projects to be scalable and flexible, accommodating innovative ideas while being prepared to adjust in the face of emerging risks. Ethical and legal considerations are proactively addressed, integrating them into every project stage.
Finally, I believe in the power of reflection post-project. Analyzing what worked and what didn’t, especially in terms of balancing innovation with risk management, is crucial. These insights are invaluable for the continuous improvement of future projects.
This holistic approach has enabled me to navigate the complexities of AI projects, driving innovation while maintaining a solid grip on risk management.
"In Italy for thirty years under the Borgias they had warfare, terror, murder, bloodshed - but they produced Michelangelo, Leonardo da Vinci, and the Renaissance. In Switzerland they had brotherly love, 500 years of democracy and peace, and what did that produce? The cuckoo clock."
