5 Global Trends in Project Management that You Should be on a Lookout For
Business setups have become complex. The requirements, threats solutions, and execution now face variables that were not in the picture a couple of decades ago. So, it does not come as a shock that the means to tackle them have become more intricate as well. Project management has evolved. It has evolved to an extent where it no longer can be visualized as a single set process but has branched out and is becoming more complex by the hour.
1. 1. Expanding Automation and engagement of Artificial Intelligence
With the increase in the number of variables, it becomes difficult to monitor all of them on a regular basis. Owing to this, Automation is being used extensively to monitor these variables and AI is being used to deduce appropriate actions. Use of AI and machine learning basically helps you free up space for you to attend to other important aspects of projects. In the current scenario, automation is radially taking up small tasks like setting up alerts for business meetings, sending an initial response based on multiple triggers like a greeting message to a new client visiting your website for the first time. While automation is taking off small tasks from your plate AI is gaining momentum is improving the responses. For example, in digital products and services spectrum, AI algorithms are being used to tailor companies’ products and services in real time to suit the needs of the customers.
Another area, where automation and machine learning is finding utility, is the collection of data and data analysis. AI research teams are developing machine learning systems capable of augmenting a project manager’s decision-making ability based on the observations of other projects.
2. The advent of the hybrid approach
Agile is no longer a new concept. It is being used extensively in various organizations. The waterfall approach is being alienated from a lot of areas. However, both agile, waterfall along with other methodologies might not produce the best result individually. The Hybrid Approach has shown great prospects and organizations are drifting towards a combination of these methodologies during the lifecycle of a project. However, the application of these methods in an optimal way remains tricky.
3. The growing need for Managers with High Emotional quotient
While AI and Machine learning have the potential of sharing your workload, they do lack in the aspect of providing the human touch. Several activities like building the team dynamics, coordination, initiating learning within teams require a high level of involvement from the project managers and a high degree of understanding between individuals that can be achieved by managers with a high degree of emotional quotient. Every team requires an empathetic listener, a tactful negotiator and a motivational leader at some point or the other.
4. Increasing engagement of IoT
IoT is basically a global connection of devices that can access the internet and communicate with one another and other things. With the explosion of digital infrastructure, IoT has intermingled with project management in every aspect from the collection of data to the collaboration of teams. IoT can greatly reduce the human intervention and thus cost of function as they can analyze and respond to their environment. For example, in a production project, various IoT devices can be installed into the various production units to monitor the need for maintenance. In such a case, the project manag""
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