Answers
Project management is mapped into process groups and knowledge areas by the Project Management Institute.
The five key process groups are initiating, planning, Executing, Monitoring and controlling and closing.Most processes that we can think of will fall under these five basic processes; for example, in the construction industry, budgeting, costing and estimating falls under planning.
Initiating
This process helps in the visualisation of what is to be accomplished. This is where the project is formally approved by the sponsor/client, initial scope defined, and stakeholders identified. This process is performed so that projects and programmes are not only approved by a sponsoring body, but also so that projects are aligned with the strategic objectives of the organisation. Where this is not performed, projects may be started and carried out haphazardly, with no real stated goal or objective
Planning
This is a crucial process in project management. The planning process is at the heart of the project activity cycle, and gives guidance to stakeholders on where and how to undertake the project. The planning stage is where the project plans are documented, the project deliverables and requirements are defined, and the project schedule is created. It involves creating a set of plans to help guide your team through the implementation and closure phases of the project. The plans created during this phase will help the project team manage time, cost, quality, changes, risk and related issues.
Executing
This process is also known as the implementation phase, in which the plan designed in the previous phase of the project activity cycle is put into action. The intent of the execution phase of the project activity cycle is to bring about the project’s expected results. Normally, this is the longest phase of the project management life cycle, where most resources are applied. During the project execution, the execution team utilises all the schedules, procedures and templates that were prepared and anticipated during prior phases. Unexpected events and situations will inevitably be encountered, and the project manager and project team will have to deal with them as they arise.
Monitoring and control
This process oversees all the tasks and metrics needed to guarantee that the agreed and approved project that is undertaken is within scope, on time and within budget so that the project proceeds with minimum risk. This process involves comparing actual performance with planned performance and taking corrective action to yield the desired outcome when significant differences exist.
Closing
This is considered to be the last process of the project activity cycle. In this stage, the project is formally closed and then a report is produced to the project sponsor/client on the overall level of success of the completed project. The closing process involves handing over the deliverables to the sponsor/client, handing over documentation to the owners, cancelling supplier contracts, releasing staff and equipment, and informing stakeholders of the closure of the project.
Answer:
Artificial Intelligence (AI) is a topic that we have heard almost everywhere, regardless of the place or occasion. It became such a popular concept that it saturated almost everything from the corporate sector to the film industry.
However, this technology is not just a buzzword, but an important tool for companies to improve their operational efficiency.
With numerous use cases from around the world on how AI improved certain processes, more and more companies began to realize that this innovative technology is the new competitive battleground.
You may be one of those who understand the many benefits of AI and would like to strengthen your business by incorporating it into your daily operations.
However, before getting started with this technology, it is important to understand what AI is and all the steps your organization will need to take to implement and take advantage of it.
What is AI?
First and foremost, let’s start with the definition of AI. AI is a field of computer science and engineering focused on the creation of intelligent agents, which are systems that can reason, learn, and act autonomously.
In other words, AI technology helps machines “think” and make decisions like humans. This includes activities such as understanding natural language, recognizing objects and faces in images, planning, and problem-solving.
Importance of knowing the stages of AI implementation
Knowing the steps required for project execution is important regardless of what you do, but it is especially vital when it comes to Artificial Intelligence solutions.
Understanding the AI project life cycle will help you identify the details that need attention, such as more information about the deliverables and what job roles need to be assigned at each stage. Ultimately, this translates into gaining control of the project more effectively.
AI project cycle and stages
Generally, the AI project consists of three main stages:
Stage I – Project planning and data collection
Stage II – Design and training of the Machine Learning (ML) model
Stage III- Deployment and maintenance
However, the specificity of an AI project is that it does not stop at the implementation stage, but rather follows a cyclical process.
Artificial Intelligence (AI) initiatives are clever projects that enable machines to perform tasks that would otherwise require human intelligence. Learning, thinking, problem-solving, and perception are all goals of these intelligent creatures. Many theories, methodologies, and technologies are used in AI.