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 fulfill specific success criteria at a 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 2024, 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. The demand for project managers with PMI PMP certification is high.
Today, we will discuss the top 5 Project Management global trends in 2024.
What is Project Management?
To understand project management, first we need to discuss what is a project and what constitutes it. A project is a combination of all focused, well-planned, organized, time-bound, measurable, optimizable efforts (that can be broken down into shorter, manageable and time-bound efforts) to create value through unique products, services, and processes or the desired outcomes.
A project could be of short duration or a lengthy one continuing for months and has a fixed timeline attached within which it has to start and end. It is called a project life cycle. Project examples include construction of a bridge, the development of software for a new business process, installation of machinery in a factory, relief efforts after a cyclone, expansion of sales into a new geographic market etc.
Each project, before arriving at an outcome, needs to go through phases of initiation, planning, and execution and requires to be managed to be completed on time with added value. This is known as project management, which is essentially the use of specific knowledge, skills, tools and techniques to deliver something of value to people. It needs to be steered by experts in the particular project domain called project managers.
Key components of project management:
- Time – the allotted duration of the work.
- Cost – the budget/expenses allocated for the work.
- Scope – what innovations or changes will be delivered by the project or what is expected out of the project.
- Quality – the desired attributes of the outcome of the project.
Top 10 Project Management Trends of 2024
1. Artificial Intelligence (AI) & Automation Will Impact Projects
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.
2. Increasing Focus on Data Analytics for Data-Driven Project Management
Data analytics has become the cornerstone of effective project management. In 2024, we can expect to see a stronger focus on the use of data analytics to drive decision-making. This means that project managers will be relying heavily on data to monitor progress, identify problems early on &make real-time adjustments. With this trend, project managers will also need to be equipped with solid data analysis skills to effectively leverage the insights that data provides.
3. More Project Managers Will Incorporate Hybrid Project Management
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 inclined to this flexible approach to 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.
4. Managing Projects Will Become Easier with Emotional Intelligence (EI)
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.
5. Remote Working is on the Rise
The trend of working remotely is now extremely common, and this will go on in the 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:
- Setting up daily stand-up meetings and calls to stay updated on the progress
- Having your team members keep you updated on any project changes or updates
- Using online collaboration tools such as Microsoft Planner to collaborate with team members and never miss out on any changes or updates
- Doing quarterly individual assessments in a year
The future of project management will witness a steep rise in next-gen project managers, project management offices, and more focus on stepping up cybersecurity. Project managers should pay attention to these trends to successfully lead their teams.
6. More Jobs Will be Available for Project Managers
Project managers are involved in every possible industry. According to ‘The Project Management Institute (PMI) report’ last year, the project management labor 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:
- Management and Professional Services
- Manufacturing
- Finance and Insurance
- Information Services and Publishing
- Construction
- Utilities
- Oil and Gas
By 2027, nearly 88 million professionals will be required in project management-oriented roles. The first in the race to hire 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 to delivering successful projects and products. Acting otherwise can potentially create a loss of nearly US$208 billion in GDP over the 10 years in the 11 countries examined.
With the new trends of 2024, 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.
7. Implementing Strong Cybersecurity Measures
As technology advances, cybersecurity risks are increasing, and this trend will continue in 2024. Project managers must take steps to protect their businesses from malicious attacks. It is crucial to implement strong cybersecurity measures, such as using encryption, data backup & access control. It's also vital to consider the human factor & train employees to be aware of the risks associated with cyber threats.
8. Sustainability and Green Project Management
Sustainability and green project management are essential trends to watch in 2024. With the world becoming more conscious of the environmental impacts of industries, businesses will adopt sustainable practices in their operations. The construction industry will embrace sustainable building techniques, while other industries will focus on reducing their carbon footprint through strategies such as green supply chains & reducing waste.
9. The PMO Is Becoming More Strategic
The Project Management Office (PMO) is evolving & becoming more strategic in 2024. Typically, the PMO has a tactical focus, providing governance & standards to projects. But PMOs are now becoming more strategic, aligning with the company's strategic goals & driving innovation. As the PMO grows, its influence will continue to expand & businesses will look to implement improved project management practices.
10. Cloud-first Approach Becoming The Standard
The adoption of cloud-based solutions is expected to continue its upward trend, with many organizations adopting a "cloud-first" approach to project management. Cloud-based solutions offer many advantages, from accessibility, scalability to cost-savings. With the rise of remote work & distributed teams, cloud-based solutions have become even more critical & provide project managers & team members with real-time access to project information from anywhere in the world.
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Conclusion
While the exact project management trends of 2024 remain to be seen, it is clear that technology will play a major role in transforming this ever-growing industry. The rise of automation will undoubtedly shape the way projects are managed. As teams become more empowered, projects may become data-driven & which could lead to shorter completion times & increased efficiency.
Thus, emerging project management trends serve as an important reminder that businesses should continue to review, refine & modify their strategies for optimal growth & success. Those organizations that remain ahead of the curve & take the lead in investing in robust project management processes & tools stand to reap the greatest rewards. This year remains an exciting time for changes in project management methods & technology – one can only wonder what lies ahead!
