Abstract

In today’s era, project management has become one of the vital fields in evaluating the success of a project. It has become crucial to forego traditional project management techniques and adopt modern tools and technologies due to the intense competition between companies to enhance the efficiency and productivity of their processes. To achieve this, it is essential to reduce project risks involved and to make more in less time. Industry 4.0 is revolutionizing the traditional methods with the advancement in technologies and automation reducing manual intervention. This study utilizes the novelty, technology, complexity, and pace (NTCP) framework for the project classification based on different project characteristics to identify the risks involved during the life cycle of the project. This research presents a case study of company XYZ based in India, to analyse the role of Industry 4.0 in project management by comparing the risk profiles of a project with and without the role of Industry 4.0 tools and technologies. It also analyses the risks involved in implementing Industry 4.0 technologies in project management. The study also paves the way for further research and adoption of Industry 4.0 in project management across different sectors.