Paper and Presentation: AI-Enhanced Project Estimating, Monitoring, and Forecasting
Abstract: Starting with a quick review of commonly-used project estimating, monitoring, and forecasting tools and techniques, this presentation will proceed to discuss their limitations, and then assess the potential and promise that AI techniques bring to transcending these limitations. Agile as well as traditional contexts will be addressed.
Existing techniques like parametric estimation, PERT, EVA, Monte Carlo simulation, etc., which are commonly used for one or more of project estimating, monitoring, and forecasting, are based on assumptions that often clash with the reality of the project’s inherent characteristics, the nature of a project’s work, organizational ways of working, the ambient culture and organizational environment, etc. Examples will be provided to illustrate how these clashes can lower the utility and practical value of these techniques and, in some cases, even render them devoid of practical significance – to the point that relying on them could potentially prove detrimental to a project. These same examples will then be leveraged to illustrate how various AI techniques can be used to enhance the practical value of existing techniques.
A broad spectrum of AI approaches and tools will be presented for consideration, such as supervised and unsupervised/semi-supervised learning (including generative AI). Regression, classification, and clustering techniques will be assessed and potential uses of neural networks will be considered. An example of a neural network applicable to project management will be provided.
The presentation will balance theoretical and practical insights, and address both near-term applications of AI in project management as well as potential longer-term promise.
After attending this presentation, participants will be able to:
- Articulate the limitations of existing estimating, monitoring, and forecasting tools
- Formulate and argue how AI tools/techniques could address many of these limitations
- Understand how to harness AI near term, and to envision its long term potential and promise
PMI Talent Triangle: Business Acumen
Biography: Joe D’Mello founded Exequity Inc., a Project Management Institute Authorized Training Partner (ATP) and a management consulting & training firm focusing exclusively on boosting clients’ execution capabilities by designing innovative and nimble approaches and techniques for attaining vision-aligned and value-generating results. He has a sustained track record of successfully leading vision- and mission-critical projects, turning around troubled projects, and implementing initiatives in (and novel approaches to) process improvement, organizational agility, data analytics, organizational learning, product and new business development, change management, etc.
He began his industry career in R&D and product development at AT&T Bell Laboratories, where he was fast-tracked to an appointment as Distinguished Member of Technical Staff and thereafter appointed to various senior management positions. His vast management and consulting/training experience in the US, Europe, Asia, and Middle East span various industry segments and wide-ranging initiatives requiring the creation of synergies and efficiencies across several functional areas such as strategy, finance, marketing, sales, R&D, IT, product/business development, quality, operations, HR, etc.
Considered a thought leader and maven on execution, he has consulted for and been invited by leading corporations and reputed universities to conduct on-site training seminars which have included practitioners, managers, and executives from organizations such as Apple, Boeing, Booz Allen Hamilton, FDA, Google, HP, IBM, Leo Burnett, Microsoft, NASA, NIH, and several others: small businesses, not-for-profits, Fortune 100/500, US and foreign government organizations, defense/intelligence, etc.
He has received awards and frequent commendations from clients and seminar participants for imparting a very refreshing blend and balance of incisive precepts, practical experience, real life and behavioral insights, managerial and leadership perspectives and judgment, and intellectual honesty and rigor – coupled with illuminating acumen on leveraging technology and data science. In May 2013, he won the University of Chicago’s coveted Annual Excellence in Teaching Award in Business and Professional Programs, and a similar award in 2009 from the University of Maryland Global Campus MBA program. He still teaches on contract at both these universities.
He holds an Executive MBA from the Kellogg Graduate School of Management (Northwestern University) with concentrations in finance, marketing, and strategy; and M.S. and Ph.D. degrees (Math with CS minor) from Ohio State University, Columbus. He is a member of the American Society for Quality (ASQ) and the Project Management Institute (PMI); has a Master’s Certification in Project Management from Stevens Institute of Technology, New Jersey; is a PMI-certified Project Management Professional (PMP®) and Agile Certified Practitioner (PMI-ACP®); as well as a Certified Scrum Master (CSM). His expertise and experience also span six sigma, data science, AI and deep learning, various programming languages, and educational technology; as well as tools and/or skills in wide-ranging disciplines: marketing, strategy, operations, R&D, software design/development, IT, finance, etc.
He lives in Naperville, IL with his wife and three children. When not working, he enjoys interesting and insightful conversations, family fun, poetry, occasional travel, keeping fit, and exploring and realizing holistic health. He has a zest for learning as well as teaching, and likes to explore eLearning technologies.
