Leveraging artificial intelligence for project risk management: insights from evidence based analyses and case studies

Artificial Intelligence (AI) has emerged as a transformative force in project risk management (PRM), transitioning traditional methods into dynamic, proactive frameworks capable of addressing modern project complexities. This evolution enables PRM to align more effectively with strategic goals while addressing uncertainties across diverse industries. Despite its promise, AI adoption in PRM varies significantly across sectors, presenting gaps in application and understanding. This study explores AI's role in enhancing PRM, focusing on its impact on risk management elements, emerging trends, and real-world applications. Using a qualitative and evidence-based methodology, the research integrates insights from academic literature, industry reports, and consulting publications, supplemented by case studies of leading organizations. Findings reveal substantial advancements in PRM through AI, highlighting improved decision-making, operational efficiency, and enhanced resilience. Case studies from Siemens, JPMorgan Chase, and Turner Construction demonstrate AI's effectiveness in tackling challenges, optimizing processes, and achieving objectives. This study expands academic discourse on AI adoption in PRM and provides actionable insights for organizations, offering guidance to overcome barriers and maximize technological investments.