Harnessing AI for Project Risk Management: A Paradigm Shift

He Li, Mohammad Yazdi, Arman Nedjati, Rosita Moradi, Sidum Adumene, Uyen Dao, Amirhossein Moradi, Aida Haghighi, Francis Eemmanuel Obeng, Cheng Geng Huang, Hooi Siang Kang, Reza Ghasemi Pirbalouti, Esmaeil Zarei, Majeed Dehghan, Mahlagha Darvishmotevali, Peiman Ghasemi, Payam Shayan Fard, Harish Garg

Research output: Chapter in book / Conference proceedingChapter in an edited book (as author)Academic researchpeer-review

1 Citation (Scopus)

Abstract

Project risk management is pivotal in ensuring the success of endeavours within contemporary organizations. As businesses navigate an intricate and competitive landscape, integrating artificial intelligence (AI) introduces a paradigm shift in how project risks are recognized, evaluated, and addressed. This chapter go through into the multifaceted impact of AI on project risk management, reshaping strategies and enhancing decision-making processes to elevate project outcomes. By leveraging predictive analytics and machine learning, AI uncovers hidden patterns in historical project data, enabling proactive risk anticipation and simulation-based mitigation strategies. AI's cognitive capabilities expedite risk assessment by aggregating diverse data sources, fostering agility in response strategies through real-time communication and collaboration among project teams. Beyond operational facets, AI-driven algorithms continuously adapt to evolving risk landscapes, refining risk management strategies and resource allocation. Ethical considerations arise with the expanding role of AI, emphasizing the importance of transparency and accountability in algorithmic decision-making. This chapter envisions a dynamic convergence of AI and project risk management, fostering a future where innovation harmonizes with human understanding, propelling projects towards excellence, resilience, and growth.

Original languageEnglish
Title of host publicationProgressive Decision-Making Tools and Applications in Project and Operation Management
PublisherSpringer Science and Business Media Deutschland GmbH
Pages253-272
Number of pages20
DOIs
Publication statusPublished - Mar 2024

Publication series

NameStudies in Systems, Decision and Control
Volume518
ISSN (Print)2198-4182
ISSN (Electronic)2198-4190

Keywords

  • Accountability
  • Algorithmic decision-making
  • Artificial intelligence (AI)
  • Cognitive capabilities
  • Collaboration
  • Data aggregation
  • Decision-making
  • Ethical considerations
  • Growth
  • Hidden patterns
  • Innovation
  • Machine learning
  • Predictive analytics
  • Proactive risk anticipation
  • Project risk management
  • Response strategies
  • Simulation-based mitigation
  • Transparency

ASJC Scopus subject areas

  • Computer Science (miscellaneous)
  • Control and Systems Engineering
  • Automotive Engineering
  • Social Sciences (miscellaneous)
  • Economics, Econometrics and Finance (miscellaneous)
  • Control and Optimization
  • Decision Sciences (miscellaneous)

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