Project Management

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Risk Ready: What are your AI Strategies for Identifying, Assessing, and Mitigating Risks?

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Ahmed Mustafa Project Manager| Al Asmakh Real Estate Development Company Doha, Qatar
How can AI help project managers in risk management by identifying and assessing potential risks and offering recommendations for mitigation strategies?
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Kiron Bondale Retired | Mentor| Retired Welland, Ontario, Canada
Ahmed -

Similar to any other "eager to please, but junior" assistant, currently GenAI tools can provide both specific risks as well as some generic ones which could help a team identify other specific ones. This would depend on how much context is provided to the tool and also on how much data it has related to the specific domain of the project.

It may also provide some general response strategies but as getting more specific ones will be extremely context driven, that might require providing the tool with more data about the project than would be permissible unless the AI tool's use of the data is strictly governed under confidentiality rules and technical capabilities.

Kiron
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Rami Kaibni
Community Champion
Senior Projects Manager | Field & Marten Associates New Westminster, British Columbia, Canada
Ahmed, my thoughts are in line with Kiron's. AI can help proivde insights, and data analytics for the project team to be able to better assess and manage risks. For example, Machine learning algos can help assess vast amounts of historical data to predict future risks, detect anomalies and some tools can provide continious monitoring and adaptive responses.

I personally believe that AI will play a very important role in improving the overall risk management processes.
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Noble Hurst Project Portfolio Manager| Beyond Programs Ltd British Columbia, Canada
Ahmed. I created a video demonstrating project risk analysis using FolioProjects and ChatGPT.

https://youtu.be/uujlxvmYbJI?si

I am currently in the final stages of testing the addition of add Llama 2 and Mistral 7b LLMs to the platform as alternative options.

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