Budgeting, Control & Governance
Like Resourcing and Budgeting, Control & Governance is very critical and involves the utilization of budgets being allocated to be managed efficiently. As a Project / Program Management Professional, we are required to manage not just the delivery of the project, but the Project budget as well. In the PM world, the PM is required to adhere Level – 1, II, III budget estimation. Each level must be reviewed and approved by the PMO through appropriate gating mechanisms. These purely use a manual effort, as most of the project that is being awarded does not have integration of their internal Financial Management System to an EPMO (Enterprise Project Management Office) system. This will force the Project / Program Managers to manage all these financial data manually. To enhance management, Project Managers can utilize tools like “Stratejos”, an “Agile Coach Bot”, which can closely monitor Budget, Estimates and overall team performance and Sprint Management. Based on this, it is very clear that aspiring PMs and existing experienced PMs should adapt to this new AI transformation and accept this as an overall growth, rather than a threat to the PM World.
RISK Management is the nervous system of any Project Management and managing this is very critical for a successful delivery of any project endeavour. Based on this, in the Project Management world, to manage and mitigate Risks, Project Management professionals are required to closely monitor risk from the inception stage of the project. Many times, the risks for any project might be due to incorrect estimation, poor planning, and resource over allocation etc. As a result, Risk in a project is always based on a probability and managing the change will be a difficult task due to various facts that are dependent on both internal and external factors.
To overcome the above-mentioned RISK issue, AI tools can be effectively used to look for similar patterns and issues. These tools can provide various recommendations and alternatives, which can be consulted and managed to mitigate the RISK efficiently. For example, tools like “RADAR” can be used to identify these patterns and issues to obtain appropriate recommendations. There are various tools and services that are currently available in the market which Project / Program Management professionals can receive training to be able to manage the overall Project Risk to transition them from the traditional Risk Management to AI Risk Management and manage the project efficiently.
As a Project Management professional, it is very important to obtain successful delivery of the project. The Project/Program Manager should ensure the change management process is implemented and followed thoroughly. In the Project Management world, organization will follow ITIL / ITSM process and will use tools like IBM Remedy, Rationale, etc. These tools require manual input of data to track various change tickets related to the project.
Additionally, to manage the scope changes, the old-style way is to create Change Requests and amend the necessary changes for any project. This is normally performed manually, where the Project Manager requires PMO approval to release additional funding, and acquire another key stakeholder’s approval. These can be managed efficiently using appropriate predictive modeling and automate some of the approval process to reduce any human errors. To perform such automation, Project Managers should be ready to learn and adapt using advanced tools like JIRA, Atlassian Products, etc.
Now that we have seen various key aspects on how Project Managers can embrace themselves and adapt to AI Transformation, I would like to discuss in detail, in my next series of articles, about the actual tools listed above.
I hope after reading this article, you feel confident and need not to fear whether AI will replace the role of the Project Manager. With technology evolving very rapidly, the Project Manager’s skill is very much needed to manage all initiatives, hence needing to evolve themselves on a constant basis.
……. AI Transformation continues …….
Tell me your thoughts in the comments and let’s open a dialog. I would be excited to hear other opinions on this topic.
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Sridhar has been associated with the IT industry for the past 20+ years with a prime focus in:
• Project and Portfolio Program Management: Expert at delivering large-scale projects within the allotted budget and period while mitigating risks in collaboration with teams of project, sustainment and service leaders, coordinators, and technicians
• Strategic Planning and Implementation: Adept at creating and implementing strategies to increase project agility, optimize operational efficiency, and substantially reduce cost
• Business Consulting: Equipped with the ability to provide professional consulting to various clients based on their needs• Customer Relationship Management: Effective at establishing and maintaining strong relationships with business and IT stakeholders, covering the entire commercial, risk, and opportunity development aspects of the services provided
• Interpersonal Coordination and Team Building: Efficient at serving as an escalation point for the customer, while working with service managers from outsourcing service lines based on SLAs and client expectations; as well as serving as vice president of memberships at ABPMP, Toronto Chapter and board member of IPMA Canada
• PMO: Instrumental in establishing PMO for Financial and Insurance clients to adapt PMO Process and procedures to the customer. As part of the PMO built a center of excellence to manage various PM & Portfolio standard and manage both onshore and offshore clients.
Articles by Sridhar Kethandapatti - CLICK HERE