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Analyzing the Role of Artificial Intelligence in Project Management: Pros & Cons

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role of Artificial Intelligence in Project Management

Understanding Artificial Intelligence (AI)

AI refers to a field of computer science dedicated to finding efficient solutions to problems that would otherwise merit human intervention and intelligence – for example, pattern recognition, data analytics, insight learning, and generalization.

To clarify the inherent distinction between Machine Learning and Artificial Intelligence, it is imperative to not to miss the woods for the trees. ML denotes a program’s ability to learn, while AI encompasses learning along with other functions. 

An insight into the role of AI in various spheres of life in general and in IT specifically

There is a lot of ambiguity surrounding the efficacy of the use of artificial intelligence in project management. Take a quick public survey regarding people’s views on stuff like “whether AI is ethical?”, or “how exactly AI may change the world we are accustomed to?” and you will come across answers as varied as chalk and cheese. This blog aims to familiarize readers with the pros & cons of AI based project management software.

When we consider the effect of introducing artificial intelligence in the realm of fields like online shopping, the implications have been truly revolutionary. If we were to consider IT project management specifically, traditionally the DevOps teams or app development companies are responsible for information analysis of various software development projects. 

With the advent of AI which helps conduct analytical calculations without human participation, the scenario seems on the verge of undergoing a sea-change. Let’s look into the opinion of several IT giants before we make our way towards an in-depth analysis of the merits and demerits of using AI in project management. Hop on the bandwagon for a nail-bitingly engaging read that follows peeps!

Mind speak of IT firms on whether AI is a boon or bane in the field of project management

1. According to Gartner, by 2020, AI is projected to generate 2.3 million jobs, reimbursing for the 1.8 million that it will replace, and generate $2.9 trillion in business value by 2021.

2. Google’s CEO, Sundar Pichai, is of the opinion that, “AI is one of the most important things humanity is working on. It is more profound than electricity or fire.”

With the aforementioned insights it is clear that the world landscape is experiencing a revolution of sorts, and it becomes all the more imperative for PMs to grasp the opportunity and brace themselves with the requisite tools to adapt to the fast changing AI based environment. 

Shedding light on the merits & demerits of AI in Project Management

MeritsDemerits
Accelerated Data ProcessingNascent Development Stage
Reduction in Project CostResults are unpredictable

Pros:

1. Accelerated Data Processing Capabilities

In today’s fast paced digital world with a perennial time crunch, data is as much a king as the consumer. Because if you can analyze your data well enough, more than half of the battle is won! 

Online retail therapy is something that we all are all guilty of indulging in from time to time. Have you been wondering about the ads that keep popping up while browsing which are akin to your last searched for item in any shopping app? Seems like a head scratcher? Well it really ain’t my friend! AI is pretty much your knight in shining armor with unprecedented data crunching capability. 

Time saved is money earned and DevOps teams the world over are warming up to the idea of using AI for crunching complex calculations and other mundane time-consuming tasks. Let’s hear it straight from the horse’s mouth, “Using AI for data analytics and machine learning could help project managers hone their project plans to be more efficient based on past performance. AI can also identify risks, indicators, and trends that could threaten the success of the project.” says Jayne Groll, CEO at DevOps Institute. He also throws in a word of caution by stating, “AI should in all circumstances serve as a ‘trusted advisor’ but not as the actual project manager.”

So to summarize, AI and ML help managers to:

a. Use past results to refine their project plans.

b. Highlight the risk factors that may threaten the successful implementation of projects.

2. Using AI-based apps can substantially reduce project costs

Ensuring that teams don’t go over budget is a nail-biting endeavor that keeps all project managers’ virtually on the edge. According to the findings of research conducted by Accenture, using AI can virtually halve the administrative tasks of any project manager, which currently stands at 54%.

AI can also expose hidden bottlenecks and visualize data that may escape human notice.

Cons:

1. Improperly trained AI may result in erroneous conclusions

project management in AI

Taking into consideration the above graphical analysis, Gartner is of the opinion that the top obstacle managers may face by adopting AI is facing erroneous outcomes due to insufficiently trained algorithms, data, or the team handling them.

Project management requires the expertise of scientific handling and balancing the nuances of intricate artwork. Thereby it is imperative that companies using AI invest sufficient time in cleaning and training the data.

2. AI tools used for PM are still in nascent development stages

Change ain’t all that easy to embrace and it remains a task for tech leaders to convince their superiors to invest in an AI-based PM tool. Also, the prototypes haven’t reached a fully-fledged readiness stage.

Therefore the ball lies in the court of the DevOps team to make the final choice between, either taking the path of AI testers for project management or wait for the time when the apps have reached the zenith of successful development and their work will be free of unforeseen errors.

Answering the multimillion question which is to go for it or chuck it? Well, it is imperative to understand that even the best-trained algorithms in AI solutions for project management do not guarantee seamless operations. Hence employees need to monitor the data AI consumes to eliminate result distortions.

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1 Comment

1 Comment

  1. Iona Hordge

    December 15, 2020 at 8:31 am

    i like this excellent post

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3 Steps To Becoming a Real Estate Agent in Florida

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real estate agent florida

Real estate is an exciting, lucrative career filled with countless benefits. From creating your own schedule to helping home buyers find their dream house, real estate is a fantastic profession.

But what are the steps to becoming a real estate agent, and what do you need to qualify for this profession? All realtors must have certain academic qualifications, along with the necessary courses and exams.

If you’re interested in learning how to be a real estate agent in Florida, then look no further. This real estate agent guide will explain all the necessary steps to becoming a real estate agent.

Steps To Becoming a Real Estate Agent

The first step is to review your education. You’ll need a social security number to move forward with licensure, so if you’re 18 years or older and have a high school diploma or GED, you can move on to the next step.

Pre-Licensing Hours

All prospective realtors in Florida need at least 63 hours in a Pre-Licensing class. Once you complete these hours, you’ll be eligible to take the exam. You need to take Florida Real Estate Commission (FREC) approved courses.

Exam Requirements

Once you take the approved course, you’ll have two years to take the licensing exam. To qualify for this exam, you’ll need fingerprinting and to apply with fees to Florida’s Department of Business and Professional Regulation. This will permit you to take the Real Estate Sales Associate Examination or the Florida Real Estate Law Exam.

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Fingerprinting can be done electronically and costs roughly $54. Some real estate agent tips include submitting this application before your class is complete. Since it can take up to 30 days for your application to be processed by the state, submit it as soon as possible.

If taking the Real Estate Sales Associate Examination, be sure to study as you’ll need at least a 70%. For prospective realtors taking the Florida Real Estate Law Exam, you’ll need a score of 75% or higher. There are 40 questions on this exam, so you’ll need to successfully answer at least 30 of them.

Now that you know how to become a real estate agent in Florida, you can move on to activate your license.

Obtaining Your License

You’ll have to activate your license, which you can do one of two ways. You can complete the DBPR (RE 11) Become Active Sales Associate Form. You can also complete the Broker Sales Associate Form.

You’ll be issued a license and number. Your broker can then activate your license using their account. Make sure to complete a 45-hour course that’s FREC approved, as you’ll have to do this before your first license needs to be renewed.

Real Estate Agent Tips

Once you’ve secured your license, you’re ready to start selling. Build relationships within the community, network with other businesses, and follow these steps to becoming a real estate agent. This will help you build a name for yourself as you embark upon your new career.

For more information about starting your career and growing your business, be sure to check out the rest of our website. We’ve got tons of great information for all your business needs.

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Relationship Between Custom Rigid Box Packaging Design and Consumer Response

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Custom Rigid Box Packaging

According to the consumers’ shopping preferences and trends data, there is a strong relation
between custom rigid box packaging design elements and consumer’s response.

Design Elements of Custom Rigid Boxes

Shape:

The shape of the packaging boxes is associated with consumer response. The packaging experts at the Packaging Republic believe that the consumers get attracted to the product if the shape of the packaging boxes reflects innovation and creativity. For example, if you receive your product packed in a triangular or a pentagonal box, it will engrave a positive brand impression on your mind.

Also Check – How Can You Succeed in The Online Product Customization Business?

Therefore, the shape of the packaging boxes delivers brand value. The boxes’ shape and size also turn out to be functionally beneficial. These elements also offer experiential benefits such as symbolism. Moreover, products packed in unique shaped boxes are also easy to find in the shelf clutter. For example, chocolates packed in a triangular custom rigid box packaging can grab the consumers’ attention from afar. Functional benefits associated with the shape of custom rigid boxes deliver a positive response towards packaging.

Pictures:

Pictures and pictorial illustrations are perfect for urging consumers to make an instant purchase since this element attracts and impresses the consumer. Images on the boxes also communicate the brand value and act as a mode of brand communication. Pictures draw attention, communicate your brand meaning, affect sensory product information, and evoke an emotional response.

Logo:

As far as the brand’s logo is concerned, the logo’s position on the custom rigid boxes is positively associated with the liking of the product. Therefore, always ensure that you have chosen the most conspicuous place to print the company’s logo. For expert advice, you can always consult one of the best rigid box manufacturers in the USA.

Colors:

Colors are another element of the custom rigid boxes wholesale which trigger product’s likeness to attract the consumers. Colors also reflect the brand’s personality and act as a driver, creating a brand’s perception in the consumer’s minds. Colors on the custom rigid boxes wholesale serve a variety of purposes. Colors evoke moods, draw attention, emphasize, generate consumers’ emotional responses, and intensify your brand’s memorability. The colors can also be used as a cue, to either associate with or symbolize your brand theme or a certain holiday marketing campaign.

Typography:

Another element that must not be ignored. The elements associated with communication are of critical importance since they are used to communicate specific information about the product and its important attributes such as ingredients usage instructions etc. The graphics techniques used to display the words create a distinctive impression, resulting in delivering a meaningful message. Choosing the right font’s style and size is as important as deciding the boxes’ right shape, size, and style. Every information element on the package must be precisely targeted and presented in an easy-to-read manner to communicate the intended brand and product information.

Recommended – Special Messages and Personalized Gifts to Build Customer Loyalty

Brands wishing to create positive psychological or emotional connections with their consumers should concentrate on these packaging elements. All of these elements have different functional implications on consumers’ minds. Visual components are more effective and influential for the rigid boxes’ design, as consumers directly notice them. However, just identifying and knowing the elements are not enough. Always make sure that you find one of the most well-reputed and experienced rigid box manufacturers in the USA for your packaging.

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Data Science and Analytics: The Key to Your Business’s Productivity

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Data Science and Analytics - Key to Your Business's Productivity

At present, almost every decision and move in a business organization is backed by data. But, the often overseen element is the complicated process of data science and analytics. From mining for data to interpretation of the said data, it is a thorough process that has the potential to propel your business to new heights. 

Besides, the valuable insights derived out of data is unrivaled. With the adoption of technology, artificial intelligence, and machine learning, data science is a goldmine for any business.

So, how do data science and analytics enhance a business’s productivity?

Scope for Assumptions Reduces

By collating data and using it to make informed decisions, the scope for assumptions reduces. The aspect of data to be quantified is a major advantage. Any business metrics and key performance indicators can be collated using data science. These provide accurate data-driven insights to your business operations.

The scope for assumption reduces by a significant margin. In a business of any scale, assumptions can adversely affect the operations. Hence, relying on data and its analysis is a more viable proposition than assuming. Machine learning also involves the theory of Occam’s razor. In simple terms, a theory which is simpler and requires lesser assumptions is considered to be valid. This theory manifests itself into various decision-making protocols, easing the process for the executives of a business.

Management of Resources

Data science and analytics also assist in the management of resources. The effective analysis of basic demand and supply can provide insights into the required resources and their utilization. To improve efficiency, top management can look into workforce analytics to distribute resources amongst tasks. This helps in enhancing productivity and also reduces bottlenecks in the operations.

Also Check – How To Use Conversational AI on Your Website

Meanwhile, employees also benefit from the involvement of data and its analysis. By quantifying the measurement of performance, employees know how their efforts are being evaluated. During the times of promotion or performance appraisal, the scope for justification reduces as numbers provide a clear picture. This also benefits the business as the wastage of efforts can be identified, and genuine efforts can be acknowledged. By this, the employee morale shoots up as transparency turns into loyalty. It also reduces employee turnover. 

Forecasting of Business Operations

The profound impact of data analytics can be visible in the forecasting of business operations. By analyzing patterns and trends, data can be used to predict the future of certain operations and strategies. These can help the top management to prioritize specific tasks. And by assessing the existing measures and evaluating their efficacy, businesses can also avoid incurring losses. Ideally, forecasting of business operations gives businesses a first-mover advantage to certain trends and preferences.

Refining of Target Customers

Adding on, data science and analytics can further your business’s targeting of the audience. The refining of target customers is possible by analyzing the data—this helps focus on the right audience and cater to their requirements. Your business’s products and services can be restructured to make it appealing to the targeted audience. This also benefits the business by reducing efforts on wasteful activities. Once the audience is defined, all the efforts can be directed towards catering to them. This also narrows down the process of making a decision, saving time, and research.

To conclude, data science and analytics are propelling businesses to new heights. Whilst the resources required for the data collation and analysis is brief, investing in this is highly recommended. If utilized effectively, the returns shall overwhelm the investments. From better decisions to increased productivity, data adds value to every aspect of your business. And this means growth and profits.

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