No one can foretell the future. Business gurus making Nostradamus-type predictions have been wrong as many times as they have been right. However, what if there was a way to plan and minimize risk, based on empirical data?
That’s only one of the ways that AI is revolutionizing project management, and according to PMI Mile Hi Chapter President and innovation leader James McCoy, project leaders who ignore the potential and real-world applications of AI are going to be at a distinct competitive disadvantage, and the companies they consult to are going to be on an ever-accelerating downward spiral when it comes to going head-to-head with organizations that are embracing the technology.
The Evolution of AI
OpenAI, developers of ChatGPT, one of the world’s leading AI tools, report that the Large Language Model reached 1 million users within just 5 days of its launch in November 2022. In contrast, Instagram took about 2.5 months to achieve the same milestone.
It’s clear that consumers are embracing AI, but what of business users, including those on the front lines of project planning and implementation?
Forbes Advisor projects the AI market will reach $407 billion by 2027, contributing to a 21% net increase in the U.S. GDP by 2030. Much of this growth is expected to be driven by businesses aiming to capitalize on AI’s Big Data processing, analytics, and speed.
McCoy is also bullish on the future of AI as an integral part of the project management toolset.
According to McCoy, “Project professionals can leverage Generative AI tools to enhance their initial analysis, generate drafts for expert review, and refine outputs for specific tasks. However, AI results often need further refinement, testing, and additional analysis.
“For critical areas like risk assessment, the experience of a seasoned project leader remains essential. This is one of the reasons why concerns by project management professionals over the career impact of the technology need to be tempered by a review of the business case for employing AI”
The AI Advantage
The growth curve of AI, to a certain extent, mirrors Moore’s Law. Initially predicted by Intel co-founder Gordon Moore in 1965, Moore’s Law is the observation that the number of transistors on a microchip doubles approximately every two years, leading to a consistent increase in computing power and a decrease in relative cost. Just like the processing power of microchips, the power of AI is growing exponentially.
AI solutions today are leveraging the power of tailored Cloud solutions and Big Data to provide invaluable insights to businesses, and this includes the field of project management.
AI offers significant advantages in project management, including advanced analytical capabilities that help optimize resource allocation, identify risks, and manage complex interdependencies within intricate projects and portfolios.
The ability of AI to continuously learn and adapt addresses the need for agility, overcoming the limitations of traditional project portfolio management by enabling quick responses to changing circumstances. Additionally, AI allows teams to make real-time, data-driven decisions, spot trends, and adjust strategies on the fly, ultimately driving greater efficiency and success.
“AI also has great potential to boost efficiency, especially with repetitive tasks like generating reports, analyzing diverse data, summarizing meeting notes, and performing calculations. Project managers can create standardized prompts for different projects, ensuring consistency and reducing the need for senior leaders like me to double-check the results,” says McCoy.
The Upskilling Issue
AI certifications are now essential for PMOs wanting to maximize the benefits of widely available AI models, especially in the area of effective prompts. Prompts (think of them as search engine queries) need to be clear, concise and unambiguous, and that takes a skillset that many project management professionals lack.
“In a recent meeting I was chairing, a project team member asked the question, ‘Why is it so hard to say no to clients when they request things out of scope or try to delay projects?’ It was a valid question. Often in the project management field, we have to justify to clients why a project needs to stay on track and not lose momentum. The business environment evolves so quickly that delays can mean a failed initiative.”
As a thought experiment, McCoy turned to ChatGPT to generate 10 ways that a project management team representative could deal with client-side hurdles.
“This is when I realized that certification in AI tools is becoming essential for project leaders. Prompts are a key part of most certifications and offer huge benefits.”
“The classes taught me to be precise, provide clear context, and focus on specificity. While the AI’s responses to the client’s questions were useful, the real value was in learning the discipline of crafting effective prompts. You must be concise, minimize ambiguity, and explore different ways to ask the same questions. It makes you think and emphasizes the importance of clear communication, which is critical in both project management and business.”
The case for AI adoption in project management is becoming more compelling, with the promise of faster, more efficient delivery of strategic services driving companies to embrace the technology. As AI adoption grows, new solutions tailored to project management will emerge, and project managers must adapt to this evolving landscape. For AI to deliver real value, a new generation of project leaders is needed.
To discover more about James McCoy and his distinctive, proven approach to project management and leadership, visit his LinkedIn page.
