New and hot for the project professional

The Role of AI in Project Management: A Look into 2024

In the world of project management, Artificial Intelligence (AI) is changing the game. It helps teams plan, work smarter, and deliver projects more effectively. Let's take a peek at what AI has in store for project management in 2024.

AI makes life easier for project managers by automating repetitive tasks and helping with decision-making. It's like having a super-smart assistant!

One big thing happening in 2024 is more companies using AI-powered project management tools. These tools are to help manage resources, schedules, and budgets, making projects run smoother and faster.

AI also helps project managers understand their projects better. By analysing data, AI can predict potential problems and suggest solutions before they become big issues.

Imagine having a virtual assistant that can schedule meetings, organise tasks, and even chat with team members. That's what AI-powered virtual assistants do, and they're becoming more popular in project management.

2024 is also seeing new ways of working, like Agile AI and hybrid project management. These approaches combine the flexibility of Agile with AI's smart tools, making projects more adaptable and collaborative.

Looking ahead, AI will keep getting better at automating tasks, analysing data, and assisting project managers. This means projects will run smoother and teams will be more productive.

AI is promising to make project management easier and more efficient. As project managers, embracing AI tools and methods can help you succeed in delivering projects on time and within budget.

Embracing Hybrid Project Management: The Best of Both Worlds

Embracing Hybrid Project Management: Getting the Best of Both Worlds

In the ever-changing landscape of project management methods, hybrid project management has become a popular choice, combining the strengths of both traditional predictive and agile approaches. Initially seen as a way to transition from traditional methods to agile practices, hybrid project management has now become a widely accepted approach across different industries.

At its core, hybrid project management blends the structured framework of predictive methods with the flexibility of agile. This combination allows teams to benefit from both approaches, leading to better project results and happier stakeholders.

Traditionally, predictive methods follow a step-by-step process from start to finish. While this offers clarity and predictability, it can be inflexible in fast-moving environments. On the other hand, agile methods focus on iterative development, frequent collaboration, and quick adjustments to changing requirements. While agile promotes flexibility and responsiveness, it may lack the structure needed for certain projects.

Hybrid project management addresses these issues by allowing teams to tailor their approach based on the project, stakeholder needs, and organisational goals. By blending aspects of both predictive and agile methods, hybrid projects strike a balance between stability and adaptability, helping teams manage risks effectively while staying flexible.

One of the main benefits of hybrid project management is its flexibility. It lets teams choose the most suitable project management practices for each phase of the project. For example, teams might use predictive methods for initial planning and gathering requirements, then switch to agile sprints for development and testing. This hybrid approach allows teams to take advantage of the strengths of each method while minimising their weaknesses.

Additionally, hybrid project management encourages continuous improvement and learning. Teams can experiment with different techniques, tools, and processes, refining their approach based on feedback and project outcomes. This iterative process fosters innovation and adaptability, leading to project success in a competitive environment.

As organisations embrace digital transformation and aim to deliver value more quickly, the demand for hybrid project management continues to grow. While agile methods have transformed project delivery, they may not be suitable for every project or organisational context. Hybrid project management offers a practical solution, allowing teams to benefit from both predictive and agile methods while addressing their limitations. updated 29th Feb 2024

If you would like to read more follow the link below

Link to PMI Pulse of the Profession® 2024

Unlocking the Value of Your Project Management Office: A Journey to the Value Delivery Office

Organisations striving for competitive advantage are increasingly recognising the pivotal role of their Project Management Offices (PMOs). However, traditional PMOs often fall short in demonstrating their impact on strategic goals. Enter the Value Delivery Office (VDO), a new approach poised to redefine how we measure success in project management.

Rebranding as Value Delivery Offices (VDOs): A growing number of organisations are shifting away from the traditional PMO label in favour of the more encompassing term, Value Delivery Office. What sets VDOs apart? Unlike their predecessors, VDOs focus not only on project management but also on delivering strategic value and gaining a competitive edge. By asking critical questions about strategic execution, speed to market, resilience, and adaptability, VDOs ensure that efforts align with organisational objectives and surpass industry standards.
Defining Success Beyond Traditional Metrics: To gauge the true impact of a VDO, organisations must first envision what success looks like in the broader context. What changes would signify superiority in executing strategic initiatives? Painting a vivid picture of success sets the stage for identifying specific, measurable indicators that align with organisational goals.
Translating Vision into Measurable Success: Specific, measurable indicators serve as the cornerstone of VDO success. Key measures such as speed to market, customer satisfaction, strategic alignment, adaptability, and waste reduction offer tangible insights into the effectiveness of project execution. By evaluating how swiftly products reach the market, the satisfaction levels of stakeholders and end-users, alignment with strategic objectives, adaptability to changing environments, and efficiency in resource utilisation, organisations can gauge the true value generated by their VDOs.
Embracing Continuous Improvement: Measurement is not a one-time endeavour but an ongoing process of refinement. As business landscapes evolve, so too must the metrics used to assess success. Regular review and adaptation of measures ensure their relevance and effectiveness in capturing the evolving dynamics of project management.

In conclusion, the transition from a conventional PMO to a Value Delivery Office represents a change in basic assumptions in project management. By prioritising strategic impact, embracing a holistic view of success, defining measurable indicators, and fostering a culture of continuous improvement, organisations can unlock the full potential of their VDOs and drive sustainable value delivery. ts27-02-24

Standard for Artificial Intelligence in Project, Program, and Portfolio Management

The American National Standards Institute (ANSI) announced that PMI is initiating the development of a standard for Artificial Intelligence in Project, Program, and Portfolio Management. PMI pledge to keep pushing the boundaries of the project management profession and help project professionals across the globe reach new levels of project success. We will have to wait a little longer for this to be released hopefully not too long as we are already using AI.

PMBOK Guide-Eight Edition (in the works)

I wasn't impressed with the 7th edition and I'm guessing I wasn't alone, so will an updated 8th edition meet expectations?

The Standard for Program Management 5th Edition is now available

Available now to download from PMI.org

Business Analysis for Practitioners 2nd edition is available in PDF from PMI and will be available in print shortly

I only read the 1st edition as part of BA course. Time stands still for no one, thankfully it's free to download for PMI members

Risk Management in Portfolios, Programs, and Projects: A Practice Guide

new edition is in the works, no announcement date when it will be published. the 2019 edition is currently available from PMI.org and Amazon