S1E4 - Exploring the AI-Powered Future of Risk Management

AI Driven PM

In this episode of the AI Driven PM Podcast, host Rick A. Morris delves into the often-overlooked yet critical topic of risk management in project management. Rick shares a compelling story from his experience in the banking industry, highlighting the common but flawed mindset that "this project has no risk, because it must be done on time.” He introduces the "13th Floor Principle," which metaphorically explains how ignoring risks doesn't eliminate them.

Rick breaks down the traditional risk management process, from risk identification and qualification to quantification and mitigation. He emphasizes the psychological challenges project managers face when considering potential risks, especially after creating an optimistic project plan. To address these challenges, Rick explores how AI can revolutionize risk management by leveraging historical data, lessons learned, and project documentation to generate dynamic and adaptive risk assessments.

In a practical demonstration, Rick uses ChatGPT to brainstorm potential risks for a hypothetical project of migrating from Salesforce to Microsoft Dynamics. He showcases how AI can drill down into specific issues, such as data compatibility, and suggest mitigation strategies. Rick also illustrates how AI can analyze project schedules and RFPs to identify variances, lessons learned, and potential risks.

Rick concludes with a vision for the future, where AI consolidates vast amounts of project information to provide actionable insights and help project managers set up effective contingencies. He encourages listeners to engage with the podcast on social media and share their feedback and suggestions for future episodes.

Tune in to learn how AI is set to transform risk management and elevate your project management skills to new heights. Don't miss this insightful episode filled with practical tips and forward-looking strategies.