AI, especially generative AI (GenAI), boosts project management success, according to new research from the Project Management Institute (PMI).
Data produced by the group shows that 10% of global projects fail, while only 71% in Europe meet all of their goals. But the situation could be improved with the adoption of GenAI, which offers the potential to improve scope, scheduling, cost, quality, productivity and creativity.
PMI will discuss “How to accelerate organizational creativity and innovation with AI” at the Reuters Momentum event in London on 2-3 October.
Increasing project success rates is crucial to addressing global challenges such as tackling climate change, navigating dynamic geopolitical circumstances, enhancing the benefits of new technology and dealing effectively with changing ways of working.
PMI’s report on the benefits of adoptions AI, revealed that high adopters of GenAI enjoy significant benefits in key aspects of project management, including project scope, scheduling, cost, quality management, productivity, problem-solving and effectiveness. They even experience improvements in collaboration and creativity.
“We are on the brink of understanding how GenAI technologies will fundamentally revolutionise project management and organisations,” says Managing Director for PMI in Europe, Lysan Drabon. “While some of the technical improvements our research shows may be expected, the unexpected gains the high users of AI are seeing to human skills, like creativity and collaboration are particularly striking.”
Such is the expected impact of AI on projects around the world, that PMI is taking steps to ensure the profession is ready to benefit from the opportunities presented by new technology while mitigating the potential risks.
It’s PMI Infinity tool is ChatGPT-based and searches through more than 15,000 pieces of PMI-approved content. Information is returned with the source identified.
PMI’s speaker at the Reuters event, Drabon will be joined by leaders from HSBC, Ferrari and E.ON to discuss “How to accelerate organizational creativity and innovation with AI”.
“It is crucial for project professionals to seize the opportunities offered by AI to improve the success of their projects, but we must be cautious not to become over reliant on new technology,” Drabon said.
“AI is incredibly powerful, but it is only as good as the data it has to work with. We must be extremely careful that the information we feed into GenAI tools is accurate, and free from bias. And we must check that the outputs make sense. The role of human oversight is indispensable in this process.”
“We are excited about the opportunities that AI offers to the project management profession, and we want project managers to share this excitement,” she added.
