NAME: MANVITH.

A
USN.NO: 20MBAR0541
SECTION: MHR
ASSIGNMENT -3(REPORT WRITING)
TOPIC: TRENDS IN PROJECT MANAGEMENT
SUBMITTED TO: BIDI KASHYAP MAM
PROJECT MANAGEMENT:
Project management is the use of specific knowledge, skills, tools and techniques to deliver
something of value to people. The development of software for an improved business
process, the construction of a building, the relief effort after a natural disaster, the expansion
of sales into a new geographic market. All projects are a temporary effort to create value
through a unique product, service or result. All projects have a beginning and an end. They
have a team, a budget, a schedule and a set of expectations the team needs to meet. Each
project is unique and differs from routine operations—the ongoing activities of an
organization—because projects reach a conclusion once the goal is achieved. The purpose of
project management is to plan and manage a project to successfully complete its listed goals
and deliverables. It involves identifying and managing risks, careful resource management,
smart budgeting, and clear communication across multiple teams and stakeholders.
TRENDS IN PROJECT MANAGEMENT:
Artificial Intelligence (AI)
Of all the new technologies being adopted by project management teams it is the application
of AI within projects that will completely reshape project delivery. status reports will include
recommendations to the team on how to improve performance, threats that could impact
project success and lessons learned by other teams that may be applicable to the current
project. AI engine will analyse all of their reports and provide real-time status updates on
progress.
A PMI report on AI identified six leading technologies that are having or expected to have an
impact:
 Decision management
 Deep learning
 Expert systems
 Knowledge-based systems
 Machine learning
 Robotic process automation (RPA)

Data Analytics Will Fuel Decision-Making

Data analytics allows project management teams to leverage complex project data into
actionable insights. Data-driven analytics can uncover patterns and trends and help project
managers to make better decisions. At high levels, data analytics helps teams determine how
well different processes are working across multiple projects, informing their overarching
approach. Data insights can also help managers with staffing needs by identifying weak links,
examining workload across teams, and identifying which skill sets they should look for in
new hires.
Data-Driven Project Management Tools
According to PWC, 73% of businesses consider reliability, ease of use, and ease of
integration the top three requirements for digital project management software. Many tools
available in 2021 reflect these priorities, though they aren’t all created equal. Those that
integrate data analytics into their project management solutions will stand out from the
crowd.
Modern tools can serve as the central hub for project managers, a portal that allows project
managers and support staff to:
 Communicate and collaborate from anywhere
 Make budget and schedule decisions based on data analytics
 Utilize resources more efficiently
 Create robust reports focused on team performance, success rates, and more
More Collaborative Workspaces
For many companies, project management software is a tool used to keep track of their
processes and teams. However, many businesses find themselves working inside other
systems such as Google Drive or Dropbox and using their project management system as a
sophisticated to-do list. “Another major trend is the shift to collaboration workspace
management tools, which allow teams to work and collaborate online. These tools make it
possible for remote or distributed teams to create information radiators that are available to
all team members.”
Advances in Timekeeping and Resource Management
One of the great things about PM software and similar systems like professional services
management solutions is the ability to track time. This allows companies that don’t produce a
tangible good to still measure their output.
However, as anyone who’s used project management software can tell you, timekeeping is
still a considerable chore even when aided by digital tools.
Methodologies
As a result of becoming more widely dispersed and working remotely, project managers will
rely on new processes to help them adapt to a less traditional workflow. As they acclimatize
to more flexible ways of working, they’ll need to be able to follow processes that are less
rigid and more orientated. Agile is a set of principles that helps developers adapt to change
quickly and embrace a more flexible approach than the traditional waterfall rigid structure.
Agile is gaining in popularity and becoming the standard for many companies across a range
of industry sectors. Kanban is a more visual and workflow-based project management
methodology – the name is a Japanese term that translates to billboard in English – that
prioritizes small daily deliveries and makes progress more measurable. It works well when
used in projects that are more likely to involve many changes and provides an efficient way
of limiting work in progress and avoiding project stagnation.
Emotional intelligence
With technology playing an increasingly central role in project management, demand for
project managers with high levels of emotional intelligence is growing. These are people who
are known for getting the best out of themselves and members of their team. They have
strong social skills, an ability to show empathy, and they can motivate others to achieve a
more successful final product. It is an attribute that organizations and project management
recruiters value highly. It increases productivity.
Inclusion of hybrid project management:
hybrid project management refers to methods combining approaches from the traditional PM
environment and the agile word. 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. For instance, on mixing the traditional approach with the Agile
methodology, team members with different views, working styles can work together in their
own way making way for more stability, engagement, and efficiency.
Project managers in demand
Organizations are under increasing pressure to innovate, adapt to change and achieve
strategic growth so it’s hardly surprising that project managers are needed now more than
ever to help drive change, deliver innovation and implement strategic initiatives. According
to PMI’s job growth and talent gap report, by 2027 an estimated 87.7 million professionals
will be working in project-centric roles, managing data, time, scope, costs, and people. Much
of this growth will be seen in places like India and China. Just as project management has
evolved over the last 5 decades, as projects continue to span the global market, the discipline
of project management will continue to change and innovate with business.
Increased remote working:
Remote working has been on the rise since 2012: from 39% in 2012 to 43% in 2016. The
desire to work remotely is here to stay and it isn’t limited to a few select industries.” Remote
project management offers many benefits. The first one being more flexibility in the schedule
and second, not having to commute to the office every day. Project costs are also reduced.
Plus, you get an opportunity to work a diverse talent pool.
More focus on data analytics and numbers:
Project management involves a lot of data. Project managers are increasingly leveraging data
insights to make informed decisions to handle projects in a better way and increase business
growth. Whether it’s project planning, quality management, or risk estimation, the use of big
data analysis has already started shaping the project management world. The collected data is
useful to learn how to form teams, the size of the team, how to include and position team
members, skill sets needed to manage projects better.
Traditional and Agile Tools Are Best Used Together
Another software tool trend for the coming years is the effort to blend traditional and agile
functions. Developers of traditional systems are working to add agile functions such as
Kanban boards, sprints, and burn-down charts.
Those in the agile world are adding bar charts for top-level sprint planning and are making
inroads into the area of portfolio management and resource management. So far, however, the
efforts to blend the two have not yet really been successful.
Fixed Teams Deliver Better Results
Agile teams are, by definition, fixed teams that truly work together to deliver usable results.
They define the feasibility and scope of the expected result and divide this into sprints. This
ensures greater clarity in what can realistically be achieved and what can’t. Everyone
involved knows their own capabilities, what they can depend on, and where there are doubts.
In this situation, it is much easier for team members to share their expertise within their
familiar, trusted team.The agile methodology demands that the outcome be a usable result.
However, this result can deviate from the original plan if the customer agrees. Most important
is that the result be useful and achievable.