AI Could Be Key to Improving Project Success Rates

News provided by

Project Management Institute

31 Oct, 2024, 06:00 GMT

  • 10% of projects fail globally; in Europe it is 12%
  • In Europe just 71% of projects meet their business goals
  • Using AI leads to better decision-making, budgeting, productivity and even increased creativity
  • AI needs human input and oversight to be used successfully, according to PMI's research

LONDON, Oct. 31, 2024 /PRNewswire/ -- "AI won't take your job, but a project manager using AI might," this is the view of Lysan Drabon, Managing Director, Europe of Project Management Institute, the leading global authority on project success.

Lysan was speaking at the recent Reuters Momentum AI event in London, where she revealed some interesting data from PMI's latest reports into the adoption and effects of GenAI in project management.

"We are on the brink of understanding how GenAI technologies will fundamentally revolutionise project management and organisations," said Lysan. "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.

"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. 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.

"By using AI tools our work can become more effective and have a greater impact, however, it is critical to maintain control, feed the AI tools with the correct information, verify the information provided by AI and assess its validity. Project managers can harness the opportunities of AI but should view AI tools as junior partners - which have huge potential but still require oversight."

About PMI:

Project Management Institute (PMI) is the leading authority in project management, guiding the way to project success since 1969. PMI empowers professionals with gold standard professional certifications, career-long learning opportunities, and a global community to help elevate their careers and our world – one project at a time. Visit us at www.pmi.org.

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