Accurate Project Forecasting with ChatGPT

Summary

This chapter is an essential guide that shows the application of ChatGPT in project management to improve predictive data analysis, automate forecasting processes, and optimize project planning and execution. It discusses the risks of AI for professionals who want to use AI for better decision making, efficiency, and project realization. Augmentation involves improving human abilities with the help of AI. Robot‐assisted surgery is a prime example of the collaboration between humans and AI in performing tasks. In project management, augmentation is essential, particularly in project budgeting. ChatGPT helps augment routine and time‐consuming tasks associated with accurate project forecasting and increases precision and efficiency in forecasting. The chapter explores AI's augmentation abilities in scheduling, resource allocation, and milestone setting that help make project plans robust and realistic. The synergy between AI and traditional project management leads to decisions that are based solely on data and project outcomes that consistently improve.