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Can AI help in project management decision making?

It is widely acknowledged that advances in artificial intelligence (AI) can aid with decision-making processes. This is done through the evaluation of data and variables in a range of often complex situations. As a result of this, companies have the ability to make well-informed decisions in a much faster way than if humans tackle them on their own.

What AI does lack is the ability, however, to use human discernment and wisdom, and this means that some level of human interaction is still needed. What AI can certainly achieve is to work alongside humans in streamlining, processing, and promoting the effective use of data.

The importance of AI when it comes to decision making

Opinions differ, of course, but many experts believe that when it comes to any data-driven decision making, AI can play a significant role. It offers benefits including:

  • Enhanced accuracy – AI uses advanced algorithms, data science and analysis to give accurate and objective insights time and time again, which can help to reduce the possibility of human error and bias occurring.
  • Faster decision making – AI can process significant amounts of data very fast. This means quick analysis and insights that are generated in real-time. This ultimately produces a much more efficient decision making process, particularly when there is a possibility to add automation at certain points in the process.
  • Improved efficiency – AI automates those tasks that are time-consuming and repetitive. This frees up valuable human resources so that they can focus on the more complex and strategic aspects of the project
  • Better risk assessment and mitigation – AI can assess and then analyse a range of risk factors, aid decision makers in identifying possible risks, and also devise mitigation strategies that are effective
  • Data-driven insights – AI leverages significantly large volumes of data to find patterns, trends, and correlations that may not always be noticed by humans. Understanding data can be a complex issue, but this can be simplified by using AI

How can AI be used in decision making?

There are a range of ways in which AI can be used in decision making. These include:

  • Predictive analytics – it is used to analyse historical data before identifying patterns and then making accurate predictions
  • Risk assessment and mitigation – careful planning and time is needed for risk assessment, and effective risk management needs proper data analysis. AI algorithms can be used to help with both of these. AI can look at a significantly larger range of data and not just that which is more readily available to make decisions.
  • Natural language processing (NLP) – this is a computer’s ability to analyse automatically and also process any language in a conventional manner. Chatbots use NLP to look at human prompts and questions in order to create responses. This can ultimately help to facilitate processes around decision making.
  • Decision support systems – decision support systems powered by AI can help decision makers by giving them appropriate information, analysing data and empowering them to make better decisions.

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