How can we integrate Artificial Intelligence into Project and Portfolio Management practices, and what measures should be taken to effectively govern

Artificial Intelligence (AI) has become increasingly prevalent in the field of IT project and portfolio management, offering various benefits in terms of efficiency, decision-making, and overall project success. Here are a few thoughts on leveraging AI for IT project and portfolio management.

?

Portfolio Prioritization and Finalization:

Selecting the right initiatives in portfolio management involves complex analysis based on various factors. AI enablement makes this task less time-consuming and more productive, allowing for effective 'what if' scenario analysis through extensive sensitivity analysis.

?

Analytics:

AI can analyze historical project data to identify patterns and trends, aiding project managers in forecasting potential risks, resource needs, budgetary requirements, and project outcomes. Its ability to process large datasets offers significant potential for effective risk management.

Decision Support Systems:

AI-based decision support systems assist project managers in making well-informed decisions by analyzing complex data sets. These systems provide insights into project performance, potential bottlenecks, and alternative courses of action.

?

Reporting:

AI streamlines the reporting process by generating automated reports, aggregating, and analyzing project data. This ensures proper, accurate, and efficient information dissemination, allowing project managers more time for strategic management.

?

Quality Assurance:

AI contributes to quality assurance processes by identifying inconsistencies, defects, or deviations from project standards, ensuring the delivery of high-quality project outcomes.?

Continuous Improvement/Lessons Learned:

AI systems, through machine learning algorithms, learn from past project lessons in real time, contributing to ongoing improvements in project management practices.

Natural Language Processing (NLP) Enabled Chatbots Powered by AI:

AI chatbots with NLP capabilities provide real-time support to project team members, enhancing communication and collaboration. NLP enables AI systems to understand and process human language, facilitating sentiment analysis in team communication and extracting valuable insights from project-related documents.

Imminency of Embracing AI in Project Management: Technology Shift from Web 2.0 to Web 3.0

A compelling case for using AI in project management is the ongoing technological transformation, the shift to Semantic web technology (Web 3.0). This shift introduces complexities that project managers need to address effectively by adopting the same technology for their work.

• The decentralized and collaborative nature of the technology landscape demands effective communication, community engagement, and a commitment to continuous learning.
• Managing smart contracts, self-executing contracts embedded into lines of code, requires project managers to adapt to changes in requirements, emerging technologies, and decentralized governance.
• The dynamic nature of Web 3.0 technologies necessitates an agile and iterative approach to development, with constant planning and adaptation to changes.

?

Governing AI

AI became mainstream by evolving from GPU to CPU, making its governance crucial for effective and productive use. Here are a few steps a Project manager can take to govern AI usage:

• Transparency: Make AI algorithms available to stakeholders/public domain, ensuring continuous training, tracing, and validation of accuracy.
• Consistency: Establish a framework for selecting AI tools and define triggers for upgrade/replacement to maintain consistency.
• Accountability: Project managers should own and be accountable for AI generated contents, ensuring accuracy by reviewing and applying judgment. The human factor is irreplaceable in the near future.

At this point, Generative AI is mostly driven by 'prompt,' and a meticulously drafted prompt determines the quality of the output. Humans control the prompt, so until some 'musk'eteer inserts a chip into our brain, we have the upper hand to enforce ethical usage of AI for Project management.