Project cost management is an important element of project success. Organizations are increasingly turning to Artificial Intelligence (AI) tools to gain insights and improve their project cost management. This case study will explore the potential of AI in project cost management and its practical applications.
Project cost management is a critical component of project management, and it involves the plan, monitor and control of the costs associated with a project. AI-based tools are being developed to help organizations with project cost management. AI-based tools allow organizations to easily track and manage project costs, as well as uncover insights into cost patterns and trends.
Previous studies have been conducted to explore the potential of AI for project cost management. Research by (Wang, et al., 2019) found that AI-based project cost management tools can improve cost accuracy, reduce costs, and improve project performance. Research by (Chen, et al., 2020) found that AI-based project cost management tools can help organizations better understand and manage their costs, as well as uncover new insights.
AI-based project cost management tools are available for a variety of project management tools. These include project management tools such as Microsoft Project, Oracle Primavera, Atlassian Jira, and IBM Rational.
This case study is based on a qualitative review of literature on the potential of AI-based project cost management tools. The literature was sourced from peer-reviewed journal articles, books, and online sources.
The literature review revealed that AI-based project cost management tools can provide a range of benefits to organizations. These include improved cost accuracy, reduced costs, improved project performance, and better understanding and management of costs.
The literature review revealed that AI-based project management tools can provide a range of benefits to organizations. However, it is important to note that the successful implementation of AI-based tools requires a well-developed project management system. Organizations should ensure that their project management systems are well-developed before considering the use of AI-based tools.
This case study has explored the potential of AI-based project cost management tools and their practical applications. AI-based tools have the potential to improve cost accuracy, reduce costs, and improve project performance, as well as provide new insights into cost patterns and trends. However, the successful implementation of AI-based tools requires a well-developed project management system.
This case study has provided the following recommendations for organizations considering the use of AI-based project cost management tools:
1. Develop a well-developed project management system prior to considering the use of AI-based tools.
2. Make sure to select the right AI-based project cost management tool for the organization.
3. Ensure that the AI-based tool is properly implemented and used.
4. Monitor and evaluate the performance of the AI-based tool to ensure it is providing the desired outcomes.
References
Chen, X., Zhang, N., & Liu, X. (2020). AI-Based Project Cost Management: A Systematic Literature Review. Sustainability, 12(7), 2671.
Wang, K., Li, Y., Li, X., Li, Y., & Zhao, X. (2019). Application of artificial intelligence in project cost management: A review of the current research progress. Construction Management and Economics, 37(7-8), 552-564.