Project Management Software

Custom project management (PM) software streamlines administrative decisions on projects and aligns collaboration between project managers, project team members, and other project stakeholders. PM software helps with:

  • Project planning.
  • Project team, budget, tasks, risks, and document management.
  • Project team collaboration.
  • Approval and prioritization of projects.
  • Project progress monitoring.
  • Reporting on project effectiveness and resource consumption.

For project-intensive businesses, custom PM software can have extended functionality and cover portfolio project management (PPM).

Project management software features

Project planning

  • Project initiation and approval workflows.
  • Setting project goals, milestones, KPIs, and deadlines.
  • Planning and scheduling project activities.
  • Checking the availability and costs of the required human, financial, and physical resources.

Project monitoring

  • Tracking the completion status of each project task and consumption of project resources.
  • Monitoring the overall project progress.
  • Updating project tasks in real time.
  • Automated notifications about task updates to corresponding team members.

Human resource management

  • A project team’s lineup planning and assigning employees to the project roles.
  • Scheduling high-demand professionals to ensure their availability for the upcoming projects.
  • Monitoring the project team’s workload and performance.
  • Checking the progress of each team member.

Financial resource management

  • Project budget estimation and planning with regard to the planned labor and non-labor costs.
  • Requesting/scheduling the needed financial resources and project budget approval.
  • Setting budget groups for the project and modelling scenarios of budget allocation into them.
  • Tracking the project budget usage per budget allocation group.

Risks management

  • Setting, evaluating, and prioritizing project risks.
  • Monitoring risk factors throughout the project.
  • Assigning risk mitigation activities to a corresponding project stakeholder.

Project collaboration

  • Outlining accountability and collaboration scenarios within the project team.
  • Organizing and monitoring group tasks.
  • Simultaneous work on the project in a group.
  • Built-in communication tool or an integration with third-party software (e.g., Microsoft Teams, Slack, etc.).
  • Sharing, editing, co-authoring project documents.