Emerging Trends in Project Management PDF

Session Two: Emerging Trends in Project Management 1  I NTRODUCTION  With the advent of new technology and leadership paradigms, the project management discipline—like virtually every other industry—is undergoing signif...

Session Two: Emerging Trends in Project Management 1  I NTRODUCTION  With the advent of new technology and leadership paradigms, the project management discipline—like virtually every other industry—is undergoing significant change and evolution.  The project management landscape is changing rapidly with evolving technologies, tools, and the latest trends.  And, the change doesn’t seem to slow down. 2  T H E M O ST I MPORTAN T P RO J EC T M ANAGEMENT T RENDS C U R R E N T LY 1. The expansion of Artificial Intelligence (AI) & Automation With artificial intelligence, you can get the right estimation of a project’s duration, costs, and progress helping you predict realistic timelines for your project. Many companies have already started using A I i n p r o j e c t M a n a g e m e n t to perform their daily tasks that require human effort through task automation. 3  Cont..  The effect goes beyond automating simple tasks but is also quite helpful in obtaining performance insights. - it should be able to handle the day-to-day management and administration of the project with less or without any human input. 4  Cont..  Project managers can use automation to perform complex tasks ranging from scheduling to data visualization and make informed decisions based on the captured insights. 5  Automation “By automating low-value-add tasks, project managers may focus their efforts and energy on tasks that will most dramatically benefit their businesses, allowing them to affect greater change, increasing the possibility of each project reaching its strategic goals.” (Huellmann, 2024). AI adoption on a larger scale by organizations to ensure successful project completion in several ways, such as Generating performance insights Supporting the decision-making processes Making estimates and predictions Optimizing resource scheduling Enabling data visualization Performing risk analysis 6  Generative Artificial Intelligence Generative AI: Generative AI is becoming the norm, radically transforming project planning, execution, and delivery. It helps in designing project plans, preparing resource allocation, monitoring progress, and automating tasks like reporting and documentation For example, GenAI tools can help project managers quickly design project plans by accounting for potential risks and scenarios. 7  Popular AI tools for project management ClickUp: Known for its AI feature, ClickUp Brain, which helps streamline workflows and automate tasks Notion: Offers a versatile and customizable project management platform with an integrated AI assistant for content creation and workflow optimization Motion: A personal AI project management tool that integrates project planning and calendar management Asana: Provides a free AI project management tool that is user-friendly and helps with task automation and decision-making Airtable: Best known for its data analytics capabilities and AI project management tools for organizing and executing project Jira: A top choice for Agile project management, offering AI tools to enhance project tracking and team collaboration 8  Cont.. 2. Inclusion of Hybrid Project Management Approaches It’s true that not all projects are made equal and not all teams can stick to one specific methodology. Maybe that’s why the concept of hybrid project management has been gaining a lot of attention and the number of project managers combining more than one methodologies is increasing day by day. Hybrid project management refers to methods combining approaches from the traditional PM environment and the agile word. 9  Cont.. Employees might need flexibility in working environment (working at home). Cloud-based Project Management Software can play a crucial role in these circumstances The software can capture all the relevant data that needs to be tracked, verified and used by project managers. 10  Cont.. 3. The impact of emotional intelligence Emotional intelligence is one of the strongest predictors of performance irrespective of the nature of your job. Managing projects go beyond defining the scope, making deadlines, deciding the budget. Project managers have to manage people as well and that means more complications. Failing to understand team members’ emotions could lead to a lot of emotional activity in a team. To deal with different personalities and ensuring project success, a proper understanding of emotions (both yours and others) is required 11  Cont..  Soft Skills Matter More Time management Communication skills Negotiating skills Coaching Motivating Decision making Leading teams 12 Improving time management 13  Cont.. 4. More focus on data analytics and numbers  Project management involves a lot of data. Project managers are increasingly leveraging data insights to make informed decisions to handle projects in a better way and increase business growth. 14  Cont..  Whether it’s project planning, quality management, or risk estimation, the use of big data analysis has already started shaping the project management world.  ―What gets measured, gets managed‖ — Peter Drucker, 15  Cont.. 5. Advanced project management tools and solutions  In today’s digital era, project management tools have become a crucial part of project management.  Currently majority of high-performing projects use project management software to plan, execute, and control all aspects of the project management. 16  Cont.. Project management tools and solutions have always been the game-changing factor. Below are some ways how these tools are making positive changes in project management.  Project planning: Uses data from previous projects to plan better  Scheduling and time tracking: Keeps track of time spent on tasks and manages scheduled events, meetings, milestones, and deadlines  Communication and collaboration: Lets you share critical information with team members, clients, stakeholders  Budgets and deadlines: Helps you deliver projects within the allocated budget  Progress tracking: Keeps track of the ongoing projects if they are on track or not, if resources need to be adjusted or 17  Cont.. 6. Greater Reliance on Digital and Increased remote working  Remote project management offers many benefits. The first one being more flexibility in the schedule and second, not having to travel to the office every day. Project costs are also reduced. Plus, you get an opportunity to work a diverse talent pool. 18  7. Cyber security Issues Cost of cybercrime globally is projected to increase at an alarming rate – from $8.44 trillion in 2022 to $23.84 trillion by 2027. With organizations moving towards digitizing their ecosystems and embracing remote and hybrid work models, cyber security is more critical than ever. 19  Cont.. Protecting an organization from all forms of cyber attacks requires proactive planning and training. Project managers can support cyber security initiatives by developing a culture of awareness and shared responsibility. They can work together with IT, HR and cyber security teams to implement best practices and training sessions for project teams. 20  Cont.. 8. Use of Online Collaboration Tools & Software  Online collaborations tools and software empower both in-office and remote teams to coordinate on projects in easier, efficient, and smarter way. – Eg: ProofHub, Nextiva, ZO O M, microsift Teams …. https://www.proofhub.com/articles/best-online- collaboration-tools 21  Cont..  Paying attention to these trends in project management is help project managers lead the process to success. 22 23