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How can AI help Project, Programme and Portfolio Management?

30 April 2024

P3M & Data

Despite uncertainty and sometimes controversy, AI is already ingrained in our lives and brings many advantages and benefits to a plethora of industries. AI can often compliment and benefit our roles without, despite the fear, replacing humans.

So, how can AI help in the world of P3M?

Efficiency – AI can automate sometimes repetitive tasks such as scheduling, resource allocation and data analysis. This frees up time for P3M professionals to concentrate on more strategic aspects of their projects, which in turn can lead to time and cost savings.

Data and predictive analysis – AI tools are able to analyse large volumes of data quickly and can use historical data to predict future states. This can result in valuable insights which can inform our decision making (such as identifying trends, potential risks and areas where  processes could be optimised).

Risk management – AI not only helps identifies risks but also their management. AI-powered sensitivity analyses can determine which variables have the highest potential impacts, enabling the development of risk mitigation strategies to address these priorities first.

Resource and schedule management – AI algorithms are able to use information from multiple P3M and organisational sources. This means that the most efficient and effective solutions can be found for resource allocation and task scheduling.

Improved stakeholder engagement – AI powered chatbots can provide immediate answers to simple stakeholder questions, while sentiment analysis can understand and extract information from free text. These can give project professionals the time and tools they need to tailor and enhance the support they provide to their stakeholders.

The use of AI within projects, programmes and portfolios can (theoretically) reduce costs and improve the likelihood of successful delivery. The adoption of AI tools by P3M professionals has the potential to provide a better experience for users and stakeholders, increasing engagement and acceptance.

However, without a real-life project management professional to direct, monitor and respond to AI tools, their benefits will remain purely theoretical. It is the careful combination of human and artificial intelligence that will be key to improving future P3M delivery.

If you want to find out more information on how AI can support your P3M initiatives, then head on over to our What we do page to read more about our AI adoption service.

By Mark Dalrymple-Smith, Head of Project, Programme and Portfolio Management at CMC Partnership Consultancy Ltd

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