14.4 Future of GenAI in Project Management

Everyone strongly agrees that AI, in particular GenAI, will be utilized by more and more people and organizations, and those who cannot utilize it will be outperformed by those who can. AI market size is expected to reach $1,339 billion by 2030, experiencing substantial growth from its estimated $214 billion revenue in 2024^[1]. According to the Forbes Advisor’s survey of 600 business owners in 2023, most business owners reported that AI would benefit their businesses, such as improving customer relationships (64%), increasing productivity (64%), and increasing sales (60%)^[2]. In 2019, Gartner estimated that “by 2030, 80% of the work of today’s project management (PM) discipline will be eliminated as AI takes on traditional PM functions such as data collection, tracking, and reporting^[3].” Thus, it is vital for all professions, including project managers, to learn how to utilize this powerful tool effectively. In an October 2023 article referring to the 2023 PMI Annual Global Survey on Project Management, it was indicated that 21% of respondents said they are using AI, 82% of senior leaders said AI would have at least some impact on projects, and 91% believe AI will have at least a moderate impact on the profession^[4]. This article highlighted three areas that project managers could leverage the potential of existing GenAI tools:

1. Automation of low-complexity tasks that require little human intervention in their final output.
2. Assistance to complement analysis, get first drafts for expert review and iteratively build the expected output for a particular task.
3. Augmentation to help project managers perform more complex and strategic tasks specific to the organization or topic, such as creating outstanding business cases for projects and supporting complex decision-making with many interdependencies and variables.

Six aspects of project management that will be disrupted can be listed as follows^[5]:

1. Better selection and prioritization to understand which projects will bring the most value to the organization
2. Support for the project management office
3. Improved, faster project definition, planning, and reporting
4. Virtual project assistants
5. Advanced testing systems and software
6. A new role for the project manager who embraces these changes and takes advantage of these new technologies

Integrating GenAI into project management is no longer a distant possibility but an emerging reality rapidly transforming the field. The substantial growth of AI technology and its applications across industries highlights the urgency for project managers to adapt and leverage these tools to remain competitive. From automating routine tasks to providing strategic insights, GenAI offers a wide range of benefits that can streamline processes, enhance decision-making, and improve overall project outcomes. As AI continues to evolve, project managers who embrace these changes and invest in learning how to use AI effectively will be better equipped to lead their organizations into the future. Those who fail to adopt these innovations risk being left behind in an increasingly AI-driven business environment. By focusing on the key areas of disruption and capitalizing on the capabilities of GenAI, project managers can enhance their roles and drive significant value for their organizations.