Project Management Trends for 2024: Analytics in Action

The Evolution of Project Management

Project management has been used since the Egyptian epoch, but in the mid-1950s organizations began to apply specific PM tools and techniques to complex projects. Modern project management methods were applied to two different problems:

• Planning 
• Control 

The first case concerned the U.S. Navy. Its Polaris Missile project comprised various contracts involving research, development work, and manufacturing of unique parts.  

This particular project was highly uncertain as the cost and time were not accurately estimated. Time estimates relied upon pessimistic, optimistic, and most likely. These three-time scenarios were used to determine the completion date. This procedure was called the Program Evaluation Review Technique (PERT), which did not take cost into consideration initially. However, the cost was later included in the method.

The second case concerned the private sector, namely, E. I du Pont de Nemours Company. The sector had undertaken to construct major chemical plants in the U.S. This project required accurate time and cost estimates. Thus, the company developed the Project Planning and Scheduling (PPS) methodology. PPS involved estimates of cost and time. 

During the 1960s and 1970s, the popularity of both PERT and PPS increased within the public and private sectors. Defence Departments, NASA, and large engineering and construction companies worldwide applied project management principles and tools to manage budget projects. The popularity of the use of these project management tools during this period relates to the development of computers and the associated packages that specialized in project management. However, initially, these computers were very costly.

The project management techniques in the 1980s came into force majorly with the development of the personal computer and low-cost project management software. Hence, it was during this period that the manufacturing and software development sectors started adopting and implementing project management practices as well.  

Emerging Trends in Project Management

The world of project management will foresee numerous emerging trends. Some of the prominent ones include: 

• Artificial Intelligence: Project Management Institutions have claimed that 81% of the employees feel that AI is affecting their organization. By automating tasks that have low value and costs, employees can invest their time and energy in more productive and high-value tasks. This can result in increased productivity of the organization as a whole. 
• Advanced Project Management Software: Project Management tools are an integral part of future trends. These advanced project management software are equipped with AI for automating tasks and offer valuable insights about the project undertaking.  
• Emphasis on Emotional Intelligence: Technic skills are an important aspect required for project management. But Emotional Intelligence (EI) is also gaining prominence due to the concept of understanding the emotions of the working team. This enhances the internal integrity of an organization. 

The Future of Project Management

Besides many opportunities and challenges, the future of project management stands bright and shiny due to the processes and efficiency offered by the system. 

• Power Skills Continuation: People are the key aspects of project management. People manage all the processes, methods, and project-related tasks. 57% of organizations that place high importance on power skills reported high benefits realization management maturity, and 64% reported high project management maturity.
• Sustainable Project Management: The future demands more awareness of environmental and social impact. Sustainable project management involves integrating eco-friendly practices and social responsibility into project planning and execution. Organizations that prioritize sustainability will likely gain advantages. 
• Continuous Learning and Skill Adaptation: Rapid technological advancements require project managers to be good learners. The ability to acquire new skills will be a sign of successful project managers. Lifelong learning platforms, micro-credentials, and a commitment to staying ahead of industry trends will be essential for professional growth.

Conclusion

Project Management is a widely used concept these days in every organization. This process ensures a smooth and seamless transition workflow of managing and executing projects efficiently. Project Managers need to stay updated with the latest technologies in this domain to stay ahead and prove advantageous for the organization's success and growth. 

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FAQs 

1. How can Project Managers Keep Up with New Trends?

Project Managers can keep up with new trends with the help of continuous learning and the skill of adaptability. They can use different development tools and attend industry-specific conferences and seminars.

2. How is The Role of the Project Manager Expected to Change in the Future?

Future project managers will focus more on technologies like Automation, integration of AI, Emotional Intelligence, and Stakeholder engagement. 

3. What project management trends are most likely to have an influence during the next five years?

Trends like Sustainable Project Management, Continuous Learning and Adaptability, and Blockchain Integration for Transparency are the project management trends that are most likely to influence during the next five years. 

4. Is PMP worth it in 2024?

Yes, the PMP certification is relevant in 2024. The decision to select a PMP should align with the career goals and demands of the industry.