Utilizing AI-Based Solutions for Project Portfolio Management

Project Planner Team

Executive Summary

Project portfolio management (PPM) can be thought of as the process of identifying, selecting, and managing a number of projects to support an organization’s overall goals and objectives. In this era of digital transformation and innovation, the utilization of artificial intelligence (AI) technology and alternative forms of intelligence can enable businesses to become more agile, efficient, and effective in the delivery of projects and services. This case study examines the use of AI-based solutions in project portfolio management. Specifically, it will look at the benefits of utilizing AI-based project management software solutions over traditional methods, the challenges associated with adopting AI-based solutions, and the potential uses of AI-based solutions in project portfolio management.

Introduction

In today’s era of digital transformation and innovation, businesses must prioritize and manage projects effectively to achieve their overall goals and objectives. Project portfolio management (PPM) is defined as the process of identifying, selecting, and managing a number of projects to support an organization’s overall goals and objectives. Traditional PPM relies on manual processes and/or traditional project management software to manage project portfolios. However, with the emergence of artificial intelligence (AI) technology and alternative forms of intelligent computing, project portfolio management can be automated and streamlined, leading to increased agility, efficiency, and effectiveness. This case study focuses on the utilization of AI-based solutions for project portfolio management and their impact on organizations.

Objectives

The main objectives of this case study are

  1. Explore the benefits of adopting AI-based solutions in project portfolio management
  2. evaluate the challenges associated with using AI-based solutions in project portfolio management
  3. provide an overview of potential uses of AI-based solutions in project portfolio management.

Literature Review

A comprehensive literature review of existing research was conducted to gain insight into the benefits of utilizing AI-based solutions in project portfolio management and their impact on organizations. Several studies have identified multiple benefits of using AI-based solutions in project portfolio management. For example, AI-based solutions can unify project governance, measure risk, automate certain tasks, provide decision-making support for project selection, and increase collaboration. In addition, the literature review highlighted the challenges associated with adopting AI-based project management tools in project portfolio management, such as lack of data, lack of trust and understanding, and limited resources and budgets.

Methodology

This case study employed a mixed-methods approach, with both qualitative and quantitative data collected. Data were gathered from a variety of sources, including books, journals, online articles, and industry reports. As part of the qualitative analysis, a series of semi-structured interviews were conducted with stakeholders, such as project managers and IT professionals, to gain insight into the benefits and challenges associated with utilizing AI-based solutions in project portfolio management. The quantitative analysis focused on the utilization of web-based project management software to compare traditional PPM methods with AI-based solutions and their impact on organizations.

Results

The results from the case study showed that AI project planning tools can provide numerous benefits for project portfolio management, such as improved decision-making, increased agility and efficiency, and enhanced collaboration. In addition, the results found that challenges such as lack of data, lack of trust and understanding, and limited resources and budgets can impact the adoption of AI-based solutions in project portfolio management. Lastly, the web-based project management software used in the analysis showed that organizations utilizing AI-based solutions experienced increased levels of project portfolio performance.

Conclusion

The case study found that utilizing AI-based solutions in project portfolio management can provide numerous benefits. AI-based solutions can unify project governance, measure risk, automate certain tasks, provide decision-making support for project selection, and increase collaboration. However, the adoption of AI-based solutions in project portfolio management is not without challenges. Organizations should be mindful of potential data, trust, and budget constraints that can impede the adoption of AI-based solutions in project portfolio management. Lastly, organizations should also consider utilizing web-based project management software to allow for comparison and benchmarking of traditional PPM methods with AI-based solutions.

Implications

This study has implications for organizations that are considering the adoption of AI-based solutions in project portfolio management. Organizations should be aware of the potential benefits of AI-based solutions, as well as the challenges that can impede the adoption of these technologies. Additionally, organizations should also consider utilizing web-based project management software to compare traditional PPM methodologies with AI-based solutions.

Limitations

One limitation of this case study is the sample size. The data collection was limited to a small set of stakeholders, which may have resulted in a lack of generalizability. Additionally, the analysis was limited to the use of web-based project management software, which may have impacted the accuracy of the results.

Recommendations

This case study recommends that organizations consider utilizing AI and web based project management software in project portfolio management. Organizations should also be aware of potential challenges that can hinder the adoption of AI-based solutions, such as lack of data, trust, and budget constraints. Additionally, organizations should consider utilizing web-based project management software to allow for comparison and benchmarking of traditional PPM methods with AI-based solutions.

References

Bajwa, S. H., Rao, S. A., & Mehta, S. (2020). An overview of AI-enabled project portfolio management. International Journal of Project Management, 38(1), 59–73. https://doi.org/10.1016/j.ijproman.2019.07.007

Epstein, B. (2020). AI and artificial intelligence in project management: A cheat sheet. TechRepublic. Retrieved from https://www.techrepublic.com/article/ai-and-artificial-intelligence-in-project-management-a-cheat-sheet

Hoffman, H., & Sharpe, J. (2019). AI-enabled project management. PM Network, 33(9), 57–61.

Marx, B., & Johnson, S. (2019). AI-enabled project management: Challenges, opportunities and implications. Project Management Journal, 50(3), 28–38. https://doi.org/10.1080/87569715.2018.1563487

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