Top Emerging Trends in Project Management 2021

The project management industry about a decade ago consisted only of few operational methodologies, few tools small tools and simple projects. Which has changed over the years? In fact, one of the prime elements that have evolved in 2019 is the size of the teams even the project has no longer been that simple. The current scenario reveals how the project management industry has taken a steep jump in the previous years where not only has this helped various established names in the industry but it also continues to uplift various startups.

The project management industry goes on to prove that the change is the only constant. This can be seen in the project management industry where the industry today is equipped with better technological equipment, tools and the industry best trends which are on the role in the current market scenario. Here are some of the most sophisticated and emerging trends in project management that continue to break the shackles of this very industry. These include:-

1.Widening the Scope of PMP with Automation and Artificial Intelligence (AI):

AI and its implementation is the new buzzword across industries today. This is one technology that is been in humongous demand despite when various brands have ruled it out in 2019 because the AI solutions still are in the developing stage. Just the way healthcare, software development, finance, and aerospace even the AI andAutomation has been the talk of the town no matter the industry. The presence and involvement of AI andAutomation can be felt in the project management sector in a huge way. If you look at industries closely you"d find that many brands already have started using and investing in the AI for managing projects for the smooth functioning of their daily tasks. These consist, tasks requiring human efforts where companies have only replaced the process of task allocation with the AI. The brands which have introduced AI in their operations are using it in the form of chatbots that schedule meetings. This can be done in the most simplified manner wherein you just have to put in a request on the bot to book you a slot for the meetings. The next thing that you"d find in brands is typically the data analysing tools that not just saves your time but also enables you to share the possible outcomes from the data that"s been added in.

Introduction of Automation in the Project Management industry has helped various Project Managers in performing complex tasks that may range from task scheduling to data visualizations and enables them in making sound and informed decisions depending upon the market insights. Now a professional who just has attained his/ her PMP certification must:-

• Embrace AI while managing and implementing your plans for the projects assigned to you.
• Understanding how to use AI in your Projects will further help you in executing these projects. This will further act as a relationship-building tool with your team members and clients.
• Counting the use of AI will also help you in estimating your project completion as per the deadlines.
• AI will further enable you to create an estimate of the cost that your company will incur while the project is in its initials and execution stage.

2.Incorporation of Hybrid Project Management Approaches:

Execution of the projects can get pointless if you don"t have set strategy and a methodology in play to execute any one of your plans. And having just one strategy or for that matter, a single methodology can backfire at any given point this is where a hybrid methodology in project management plays a huge role. Hybrid Project Management is lately gaining a lot of popularity off late, this is because any good project manager just doesn’t use a single approach instead they prefer engaging the project execution only by compiling two to three approaches in one to make it the face of their project delivery. Implementing a hybrid model in your projects in all the designated tasks along with communicated it all with the involved audiences allows you in making the right set of sound decisions that can be crucial for the client"s businesses. This further helps in getting your team to be more proactive in not just planning even in finding the answers for all the "what if?

Note: We would recommend you to use the Traditional Approach for simple and clear portions of the project. Agile Approach should do the job for satisfying the complex parts of the project while you are busy analysing the challenges in the multi-project environment.

3.Emotional Intelligence (EQ) influencing Project execution:

TeleSmart in a survey found that in the execution of the project can disbalance and deviate from the issue. In fact, the survey further revealed that about 58% of the Certified PMP Professionals believes that counting EI has proven to be fruitful in the execution of the projects. This further impacts on defining the scope of the project, that helps in making deadlines for the project and manages any further complications of the projects. Project managers who do not count this factor can fail to understand the emotions of their team members which means unexpected delays in the project. This may occur because of the ever-increasing pressure leading to frustrating the team. Project managers having an understanding of this subject also proves to become a better leader in their profession. Learning about one"s emotions further enables you as a Project manager to make a rational decision keeping the deadlines in play.

4.Data Analytical and Numbers Oriented:

No Project that is taken up by a Project Manager can do without number or for that matter data. In every aspect of the project that is led by any Project Manager cannot go without using the big data for analysing the risks and quality indexes. The data that is collected can be highly useful in forming teams, size of the team, which position of professionals should be included in these teams, what skill sets are important for managing the projects better. A smart Project Manager knows that including small things like the AI-related tools can playa huge role in analyzing the data.

Note: Project Managers who are not fond of numbers should look for tools that can do the job and help you with the core and the most important element of the data i.e. analysis drawn from this data. Tools like SPSS, Tableau to visualize data, and Google Data Studio can be of huge help for such professionals in getting the whole picture of all the project activities.

5.Sophisticated Project Management Tools & solutions:

Project management tools off late have become an inevitable part of the project management. In fact, the research reveals the same story 77% of high performing projects have not attained success without using an analytical tool. Tools in Project Management has helped in: -

• Planning: Requires data used in the previous projects
• Scheduling and time tracking: Tracks the time spent on a given task to manage the scheduled events, meetings and deadlines. This is important since it is crucial while you are heading towards the deadline.
• Communication & Collaboration:Allows a Project manager in circulating the needful information which is crucial during the time when something has not gone as per the plan.
• Budgets & Deadlines: Allows you in delivering the projects with the allocated budget and due dates.
• Progress Tracking: Enables you to Track the ongoing projects to adjust the required resources that either has been used or might be needed.