28.05.2024

AI-supported risk management in the CS PPM Power Suite

Read on to learn how you can use the CS PPM Power Suite to get an overview of risks in project management.

Challenges that could not have been foreseen or were overlooked when a project was planned often arise during the project implementation stage. The goal of risk management is to identify these challenges early on and map out suitable actions to ensure that the project can continue successfully and with minimal delay. Campana & Schott has incorporated the copilot from OpenAI into the CS PPM Power Suite to assist project managers with complex challenges like these. This article explores the promising use case in which the copilot feature can be used to identify and document potential risks on the basis of project data such as start time, end time, project scope, objectives, and descriptions and concrete suggestions for actions to take can even be mapped out to minimize the risks. 

The power of metadata in project management

AI-supported risk management in the CS PPM Power Suite is based on automatic analysis of project metadata. Here are the steps in the process:

  • Metadata collection: First, project managers input all of the relevant project information into the CS PPM Power Suite. This includes the project start time, the planned end date, the project’s scope, the goals to be reached, and the detailed project description.
  • Data analysis: Once the metadata have been entered, the copilot uses machine learning to analyze the information. It looks for patterns, anomalies, and potential inconsistencies in the project data.
  • Identification of risks: Based on this analysis, the copilot identifies potential risks that could jeopardize the project’s success.
    Beyond that, the risks are assessed with an eye to their likelihood of occurrence and the impact if they do materialize. This assessment provides clarity regarding a risk’s importance and helps the project manager to select the right measures to overcome the risk.
  • Measure development: As the last step, the copilot independently develops potential measures to overcome the risk and provides them to the project manager.

Reducing project risks

Once the risk investigation is complete, the copilot generates suggestions for how the risks that have been identified can be averted.

Actionable insights: For each risk identified, the copilot supplies concrete recommendations for actions to take. They might be things like adjusting the project timeline, clarifying objectives, or revising the project scope.

Prioritization of risks and countermeasures: The copilot also helps to prioritize the risks that have been identified, along with the suggested measures, by highlighting the most critical risks that require immediate attention. 

Collaboration and communication: The risks that have been identified and the suggested measures are set out directly in the CS PPM Power Suite, so project managers and team members can view the information and work collaboratively to mitigate the risk.

Advantages of using the CS PPM Power Suite with integrated copilot to improve risk management

  • Proactive risk management: Identifying potential risks at an early stage allows project teams to take proactive measures to avert or mitigate those risks.
  • Improved decision making: Access to data-driven insights on the basis of past projects makes it easier to make sound, effective decisions.
  • Enhanced project success: Risks can be addressed before their ramifications occur in the real world. This boosts the project’s chances of success while minimizing delays.
  • Efficiency and productivity: Optimizing the risk management process frees up time and resources that can now be used in other ways to contribute to the project’s success.

Conclusion

By integrating the copilot functionality, Campana & Schott has taken the CS PPM Power Suite one step further, so now it not only supports project planning and monitoring, but also offers proactive and data-driven assistance in risk management. In using project metadata to identify potential risks and generate concrete measures to overcome those risks, the CS PPM Power Suite helps project managers and teams to manage projects effectively and with an eye to the future and bring them to a successful and timely conclusion. 

Contact

Lukas Graf

Consultant - Project & Performance Management Solutions

Dominik Wolgast

Consultant - Project & Performance Management Solutions

+49 69 97 78 83 - 0
contact(at)campana-schott(dot)com