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What AI tools do you use to develop spending forecasts based on historical data and that allows to include variable/external factors?

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Sergio Zegarra Programming and Operations Manager| Tetra Tech Alameda, Ca, United States
Want to get ideas of AI tools we can use for forecasting spending of complex projects
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Rami Kaibni
Community Champion
Senior Projects Manager | Field & Marten Associates New Westminster, British Columbia, Canada
Check the latest free course by PMI related to GenAI - Part of it is recommendign a few useful AI platforms:

https://www.pmi.org/shop/p-/elearning/gene...-managers/el083
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1 reply by Blanca Estela Díaz Fonseca
Sep 21, 2023 7:24 PM
Blanca Estela Díaz Fonseca
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Thanks for sharing Rami.
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Kiron Bondale Retired | Mentor| Retired Welland, Ontario, Canada
Sergio -

No AI tools are needed for this - professional estimation tools have been around for decades which are able to do what you've requested. One example is QSM which is used in the software development field and couples a vast historical database with multiple profiling inputs to provide confidence levels and probability distributions for cost and schedule.

Kiron
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1 reply by Sean Just
Sep 21, 2023 7:47 PM
Sean Just
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You make an interesting point about the current use of the term AI. It's true that sometimes what's labeled as AI is essentially statistical analysis driven by well-structured data.

Regarding PredictHQ, I've heard positive feedback about its usefulness as well. It seems to be a valuable tool for enhancing data-driven decision-making and forecasting.
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Blanca Estela Díaz Fonseca Project Leader| Cinepolis Estado De México, Estado De México, Mexico
Sep 21, 2023 5:23 PM
Replying to Rami Kaibni
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Check the latest free course by PMI related to GenAI - Part of it is recommendign a few useful AI platforms:

https://www.pmi.org/shop/p-/elearning/gene...-managers/el083
Thanks for sharing Rami.
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Sean Just Business Analyst| Hbw.es Almeria, Vera, An, Spain
Sep 21, 2023 6:12 PM
Replying to Kiron Bondale
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Sergio -

No AI tools are needed for this - professional estimation tools have been around for decades which are able to do what you've requested. One example is QSM which is used in the software development field and couples a vast historical database with multiple profiling inputs to provide confidence levels and probability distributions for cost and schedule.

Kiron
You make an interesting point about the current use of the term AI. It's true that sometimes what's labeled as AI is essentially statistical analysis driven by well-structured data.

Regarding PredictHQ, I've heard positive feedback about its usefulness as well. It seems to be a valuable tool for enhancing data-driven decision-making and forecasting.

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