Published by iValuePlus Services on June 22, 2020

Top project Execution Methodology latest trends in 2024

Artificial Intelligence(AI) & Automation

Artificial Intelligence has had a very positive impact on projects and is currently the talk of the town. According to a PMI report, software enlargement, aerospace, healthcare and financing all implement Artificial Intelligence to manage projects. Most of the content that you get to hear is more from a consumer-based perspective. The top-notch AI technologies like Siri, Google Home, and Amazon Echo line up of the products are finding themselves a sweet spot in your home; they use multiple AI applications that are also associated with the project management functionality.

The first thing project managers need to do is taking AI into account in project management and then learn how to utilize the same to complete the project successfully. Using AI in automating data makes it easier to handle projects than before. Moreover, you can form positive business relationships with your team members and clients, resulting in proper synchronization and transparency. Artificial intelligence calculates the duration, cost and progress of a project properly and predicts realistic project schedules and we can witness poor estimates and unknown external factors pushing the deadline.

There is a lot of buzz around artificial intelligence and its implications. Just like software development, aerospace, healthcare, and finance, the impact of artificial intelligence and automation can also be seen and felt in the project management sector. Many companies have already started using AI in project management to perform their daily tasks that require human effort through task automation. The effect goes beyond automating simple tasks but is also quite helpful in obtaining performance insights.

Project managers can use automation to perform complex tasks ranging from scheduling to data visualization and make informed decisions based on the captured insights. The inclusion of AI into the future project management trends 2020 will no doubt add a great essence of productivity to the end result of the project. It will unarguably help the overall project management workflow with an interactive interface for the resources available and give you the intrinsic capability to respond to your agenda with various suggestions and insights. The algorithm based suggestions are bound to boost the efficiency of the overall process of managing the project.

Hybrid Approach

Every project is created differently and differs in methodology and execution and the one-size-fits-all strategy is now facing extinction. Therefore, the concept of hybrid project management is becoming increasingly popular and with every passing day, many Project managers and Scrum masters are combining more than one methodology. The conventional waterfall methodologies are now being changed with the modern strategies and adapted vividly to help with the various processes of project management. According to PMI reports, Hybrid project management combines standard project management techniques with the agile methodology.

The implementation of these hybrid methodologies is best suited for the scenarios where the projects are handed over with an exceptionally larger work base with multiple project managers’ involvement in it.Project managers are inclining to this flexible approach of projects with a combination of agile and traditional methodologies best suited for a multi-project environment, where complex parts are approached using agile, and a traditional method is used for the simpler parts.

Hybrid project management refers to methods combining approaches from the traditional PM environment and the agile methodology. When you implement the hybrid model, you get to bring all your projects, tasks, people, and communications at one place helping you make the right business choices bringing more stability, engagement and efficiency. Hence, the present corporate world is demanding a considerably higher number of hybrid project managers, who are well-versed in several multiple methodologies and not experts in one particular method.

The impact of Emotional Intelligence (EQ)

A success of a project is related to humans understanding and realizing emotions. Emotional intelligence can strongly predict performance no matter what job you do, according to PMI.Org. It helps clients, team members, sponsors and management to interact with each other with clarity, handle challenges efficiently and make committed choices to act strategically and quickly.

EI is now an essential technology for a successful business outcome and definitely a progressing and inspiring trend in our process-based practical industry. And in a world where productivity and efficiency are all that matters, the chances are high that we might get lost in the diversity of the implemented methodologies. Hence, when the technical skills are steady-going, the existence of soft skills has to be ensured at any cost. The better you are in managing the people and establishing proper communication with them, the higher are the chances of your plans to proceed without any difficulty.

So, when you have a group of people with various cultural diversities working together, there’s definitely going to be some kind of issues among the peer group. But, with an effective EQ capability in place, you would be quickly able to resolve these issues in a jiffy. It’s compulsory for a project manager to have a proper understanding of the various aspects of emotional intelligence as it is slowly taking the path of an influential factor in the project execution methodology trends which drives people to predict project success.

Increased remote working

The trend of working remotely is now extremely common and will be the future too. There are a lot of advantages when people work remotely as it offers more flexibility, saves a lot of time and you don’t need to travel to your workplace. The costs to the project and company get further reduced and companies get to work with a diverse talent pool. With increased remote working, projects will be managed by Setting up daily, stand-up meetings and calls to stay updated on the progress having your team members keep you updated on any project changes or updates

Also, Use of online collaboration tools such as Microsoft Planner collaborated with team members can help in all updates or any changes, it’s no news that the number of professionals opting to work remotely has increased in the last couple of years and the trend is here to stay.

IOT (Internet of Things)

The IOT is basically a global network of devices that can use the internet to communicate with one another as well as with the end-users. It also bisects with project management on all the aspects ranging from data collection to team collaboration to reporting. It’s basically devices connected through the internet to perform their functions by responding to the remote action, especially without any human intervention. Similarly, this technology can be used with the project management software. The advantage of IOT in a project management strategy is that the devices can sense and respond to the surrounding happenings automatically through their network, thereby reducing the requirement of involving human intervention.

IOT has a significant role in the 2020 project Execution trends. It helps to lower the operating costs, minimizing errors and increase in the response time. You also get the leverage to provide the customers with a relatively faster and better service. It enables you to provide a hyper-speed reporting and gives you an overall process and monitoring control. With IOT, there is also an option to create an explosion of highly valuable project data An Extremely deep data analytics is made easy and comparatively stricter legal and ethical implications can be bought into the practice by the use of IOT.

Blockchain technology

Blockchain technology mainly deals with the transaction and ensures safety and security through its decentralized network, e.g. Crypto currencies. The blocks are connected through some arrangement or some defined protocol. The data is stored in blocks and shared in a decentralized network. If any two parties sending or receiving the data, it is recorded in the blocks. Each data is encrypted using some hotchpotch algorithm so that it is not easily accessible to hackers. The blockchain technology helps in storing the performance-related data and the invoice transaction data of the subcontractors or the clients. Unlike traditional contracts, the rigid smart contracts can be arrayed in the Blockchain for any project deals between two parties for effective project management

Virtual Reality

This technology enables the project manager to view the real-time scenario with virtual resources and can plan the outcome of the project well in advance. It helps to estimate the end result and can adjust the requirements for the project accordingly. One can experience reality in the virtual mode using this feature. Project managers can design the project in advance to compensate for the risk associated with it. One can view the project report before initiating the project, which helps the project manager to plan the project as per the requirements. It largely deals with risk analysis and resource management. There are VR software applications such as GIS and Revit which is used to schedule and prioritize tasks in the project.

Conclusion

In 2024, project management is evolving rapidly with advanced technologies and trends. Artificial Intelligence (AI) and Automation are streamlining processes, while the Hybrid Approach blends traditional and agile methods for flexibility. Emotional Intelligence (EQ) is crucial for team collaboration and success. Remote working is becoming common, offering flexibility and cost savings. The Internet of Things (IoT) enhances data collection and monitoring, while Blockchain ensures secure transactions. Virtual Reality (VR) aids in planning and risk analysis. To stay ahead, embrace these trends and consider integrating them into your project management practices.

For iValuePlus, the key takeaway is to use these trends to improve your project management practices and stay ahead of the competition. Contact us today to explore how our solutions can integrate AI, Hybrid Approaches, EQ, remote working tools, IoT, Blockchain, and VR into your project management strategies.

iValuePlus Services

iValuePlus is a one-stop solution to address all your needs to access, build and grow your business in the Indian market which is cost-effective & has a huge talent pool. Established in 2019 as a ‘Business Solution provider', our team has delivered successful growth projects in the international market. Our services include setting up ODC (offshore development center), Staff Augmentation, Talent Acquisition, Digital Marketing, in the IT/ITES domain.