Project management is the practice that is used to initiate, design, execute, control, and close a team's work in order to reach specific objectives and fulfil specific success criteria at the specified time. The main challenge of project management is to achieve all project objectives within the given limits.
A decade ago, managing projects was difficult and challenging. It was difficult to set clear goals with less project management tools and projects were being managed by smaller teams with simpler projects.
Fast forwarding to 2020, the scenario is completely different as Project Management seems like a phoenix rising from the ashes. The teams are no longer small, nor are the tasks, and the goals are defined with a proper system.
The project management industry is quickly evolving, keeping pace with advanced technologies, tools, and the latest trends.
Today, we will discuss the top 5 Project Management global trends in 2020.
Artificial Intelligence has had a very positive impact on projects. According to a PMI report, software development, aerospace, healthcare and financing all implement Artificial Intelligence in their way of managing projects.
The first thing project managers need to do is take AI into account in project management and then learn how to utilize it for successfully completing projects.
Using AI in automating data will make it easier to handle projects than before. Moreover, you can form positive business relationships with your team members and clients, resulting in proper coordination and transparency.
It’s quite common to witness poor estimates and unknown external factors pushing the deadline. Artificial intelligence can calculate the duration, cost and progress of a project properly and predict realistic project schedules.
Every project is created differently and differs in methodology and execution. No wonder the concept of hybrid project management is becoming increasingly popular and with every passing day, many Project managers and Scrum masters are combining more than one methodology.
According to PMI reports, Hybrid project management aims to combine standard project management techniques with the agile methodology.
When the hybrid model, such as combining a traditional approach is implemented with an Agile process, team members from different points of view and work styles will collaborate and achieve more flexibility, dedication, and productivity in their own way.
Project managers are inclining to this flexible approach of projects in the current year. A combination of agile and traditional methodologies is best suited in a multi-project environment, where complex parts are executed using agile, and a traditional method is used for the simpler parts.
It seems strange, but project success is related to humans understanding and realizing emotions. How? According to PMI.org emotional intelligence can strongly predict performance no matter what job you do. It allows clients, team members, sponsors and management to interact with each other with clarity, handle challenges efficiently and make committed choices to act strategically and swiftly. EI is now an essential technology for a successful business outcome.
Understanding the emotions of the team members and dealing with different personalities ensures that the project keeps progressing at a smooth and constant pace. This is an invaluable leadership ability for project managers around the world.
Therefore, it becomes more important than ever to learn about emotional intelligence and what drives people to predict future project success.
The trend of working remotely is now extremely common and this will go on in future too. There are a lot of advantages when people work remotely. It offers more flexibility and saves a lot of time as you don’t need to travel to your workplace. The costs to the project and company get further reduced leading to the development of talent. According to the results of a survey by Wrike, 83% of respondents work remotely every day for at least one to two hours. 43% of them reported that they work remotely now, more than they did a couple of years ago.
When working remotely, projects will be managed by:
The future of project management will witness a steep rise in next-gen project managers, project management offices, and more focus stepping up cybersecurity. Project managers should pay attention to these trends to successfully lead their teams.
Project managers are involved in every possible industry. According to ‘The Project Management Institute (PMI) report’ last year, the project management labour force is predicted to grow by 33 percent in over 11 countries by 2027. There will be a wide range of jobs for project management and these are estimated to grow over the next 10 years. Some of them are in industries like:
By 2027, nearly 88 million professionals will be required in project management-oriented roles. The first in the race to hiring are China and India forming more than 75 percent of the total project management-oriented employment.
The report further stresses that project managers are key in delivering successful projects and products. Acting otherwise can potentially create loss of nearly US$208 billion in GDP over the 10 years in the 11 countries examined.
With the new trends of 2020, project management will be playing a major role in fastening product development with its new technologies, and in turn, increasing workflow efficiency. Owing to its exponential growth, multiple job opportunities will be created and staying on top of the latest trends will give one the leverage to make the most of such changes.
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