An overview of project steering committee
The project steering committee is main governing body within an enterprise that looks after the proposal and execution of projects. They ensure that the proper deliverables are met and the project is in line with key company goals. This includes approval of budget, defining standards and goals, devising project strategy, risk assessment, quality checks and adherence to time-line. The project steering committee is the body to which a project managers report to. The project manager attends meetings and informs the committee regarding the status of the project along with addressing doubts and concerns.
How Steering committees can benefit from AI
With the advent of AI and advanced data analysis technologies, a lot of the work that is usually cut out for project managers is being handled by machine learning capabilities. AI basically evolves as a problem solving method capable of adapting to changing circumstances. By giving accurate inputs regarding various parameters of the project AI technology can analyze such data and generate reports automatically. Such reports can demonstrate feasibility of the project and predict its success rate. The project steering committee can utilize these reports to get accurate information regarding the project in a short span of time. Because AI technology uses live data, the project steering committee can use live tracking features to supervise the project at every stage. Project steering committees can maintain a database that has various details of the project such as budget, time-lines, resources, goals and expected quality. AI technology can take this database as an input and develop predictive models to better support decision making for the steering committee.
Providing support to project managers and steering committee using AI
By empowering their project managers with AI based technology, the steering committee can optimize their time and resources by automating a lot of routine processes like data collection, resource management, facility planning among others. Automating such tasks not only conserves time, but also safeguards against human error.
Also since machine learning can analyze large quantities of data, problem detection in projects can be streamlined and made more efficient through automated analysis of meta-data. As the project progresses, the AI comes across more and more issues thereby becoming smarter. It can then detect possible sources of faults and can offer solutions on the go. Project managers can also use AI to coordinate better coordinate among various stakeholders by employing automated notifications and alerts about various issues and stages of progress.
Allocation of budgets and resources by the steering committee is based on the success rate of the project and the risks involved. Since AI capabilities learn and adapt overtime, they are useful in generating predictive reports and success rate models. This provides the steering committee better visibility into the project and also helps in accurate decision making. AI models can take into account the specific needs and goals of the business and can help steering committee in choosing better projects that are more suitable to the organization.