Introduction
Project estimating is a critical component of project management as it determines the resources needed to successfully complete a project. It involves gathering, analyzing and forecasting project costs across multiple dimensions of budget, resource, and timeline. Traditionally, project estimating is a tedious task that requires extensive manual effort, yet the success of projects depends on accurately accounting for the budget, the timeline, and the resources needed to complete it on time. This case study focuses on recent advances in artificial intelligence (AI) which have enabled automation of project estimating, allowing project managers to save time and reduce the risk of errors.
Background
As AI project management tools have become more advanced, advancements in project estimating have followed. AI-assisted solutions for project estimating enable predicting of project costs, demand, and delivery timelines with greater accuracy and speed than manual methods. AI-assisted project estimating also enables more accurate utilization of project resources, as well as localizing risk and uncertainty. With AI-assisted project estimating, project managers can make faster and better informed decisions, and better visualize project outcomes. In addition, AI-assisted project estimating can enable multiple stakeholders, including project sponsors, to have access to detailed data-driven insights into project costs and timelines, thereby communicating much more accurate expectations to other departments.
Objectives
The objectives of this case study are to provide an overview of AI-assisted project estimating, and to identify the key advantages of incorporating AI-assisted solutions in project estimating. In addition, this case study will also articulate how AI-assisted project estimating can lead to improved project outcomes.
Research Methodology
To compile this case study, a literature review of relevant published material was conducted. This literature review included published material from industry journals, academic research papers and online resources. Additionally, interviews were conducted with two project managers about their experiences with AI-assisted project estimating and the advantages it provides.
Findings
AI project management software can be used to produce accurate cost estimates and delivery timelines at the early stages of a project. This is achieved by utilizing data sets such as engineering drawings, forecasts, and historical data. AI-assisted project estimating also enables quick comparisons between different scenario simulations and to identify the best course of action with respect to risk and return.
AI-assisted project estimating also enables accurate resource allocation and optimization by leveraging machine learning and natural language processing. This allows project managers to quickly identify and allocate resources, while also identifying potential bottlenecks. Furthermore, AI-assisted project estimating can also provide detailed insights into project costs, timelines and parameters, allowing multiple stakeholders to view different scenarios of a project and make better informed decisions.
Conclusion
This case study has outlined the advantages of incorporating AI-assisted solutions for project estimating, along with the potential for improved project outcomes. AI- assisted project estimating enables accurate cost and timeline predictions, as well as automated resource allocation and optimization. Furthermore, it can also lead to improved communication between multiple stakeholders as they can access detailed insights into project costs and timelines.
Recommendations
Based on the findings of this case study, it is recommended that organizations implementing project estimating should consider AI-assisted solutions to address pain points and improve their project outcomes. AI-assisted project management tools can help organizations stay ahead of the competition, and can result in greater efficiency and cost savings. Additionally, organizations should leverage web-based project management tools which are designed to use AI-assisted project estimating for improved outcomes.
References
Ahmad, I., Abdul Ghani, H., & Yahaya, T. (2020). Automated Project Estimating Using AI: A Review on Its Advantages and Challenges. International Journal of Engineering and Technology (UAE), 9(2.2), 609-617.