Cultural change can be an overused term, though project management and delivery teach us what is perceived as best practice. Despite the huge range of project management, cost control, scheduling, risk and safety management systems, tools, procedures, and standards, they still fail to rectify under-performances.
A new project will be as good as the team appointed to manage it. They will bring their own experience and personal data biases to the project. People are optimistic by nature and suffer what is termed optimism bias.
As the projects become larger and more complex, the extent of project data collection and reporting expands. Providing decision makers with instantaneous data and forecasts, makes for more efficient project management.
Octant AI provides new approach and technique to portfolio governance and project delivery. We collect data on all historical projects and use this knowledge as an asset to predict future outcomes on new and similar projects.
So, why continue with traditional methods when we now have the means to improve commercial outcomes of future projects?
We require a cultural change – a change from existing tools to emerging tools in order to optimise financial benefits.