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...
Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
That is the Million Dollar question, Ivan. While maintaing a balance between all areas you've mentioned is key, yet, at the moment, I am not sure how this can be addressed until we see how AI will be regulated.
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
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1 reply by Ivan Moreira
Nov 17, 2023 10:06 AM
Ivan Moreira
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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?
In a regular way like any other risks. Treat AI as another tool in your portfolio; learn the basics and then get a deeper dive into a specific tool that you want to use in your project; brainstorm and collect risks from AI experts... Saving Changes...
Luis Fernando MirandaInternational Project Manager| Coca-Cola EuroPacific PartnersMadrid, Madrid, Spain
I think it is key to start with a Proof of Concept to test if the idea is feasible or not. Risk management in this phase should be rather soft. When the decision is made to scale that PoC, a strong risk management is key in my opinion. Saving Changes...
Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
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.
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1 reply by Ivan Moreira
Nov 17, 2023 10:11 AM
Ivan Moreira
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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...
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Thomas WalentaGlobal Project Economy ExpertHackenheim, Germany
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.
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1 reply by Ivan Moreira
Nov 17, 2023 10:13 AM
Ivan Moreira
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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.
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Hiral BhattSr. Program Manager / FinTech Project / Program Management| Truist Bank, New York, USANew York, USA, USA
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.
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1 reply by Ivan Moreira
Nov 17, 2023 10:15 AM
Ivan Moreira
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Thanks for your contribution Hiralkumar, indeed. Almost the same approach that I've mentioned in Thomas's post. :-)
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Ivan MoreiraProgram & Project Manager | Affidea GroupLisboa, Lisboa, Portugal
Aug 21, 2023 5:27 PM
Replying to Rami Kaibni
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That is the Million Dollar question, Ivan. While maintaing a balance between all areas you've mentioned is key, yet, at the moment, I am not sure how this can be addressed until we see how AI will be regulated.
Thanks for sharing your thoughts Rami! Saving Changes...
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