Project Management Software

Last Updated: May 7, 2012

Definition - What does Project Management Software mean?

Project management software is software used for project planning, scheduling, resource allocation and change management. It allows project managers (PMs), stakeholders and users to control costs and manage budgeting, quality management and documentation and also may be used as an administration system. Project management software is also used for collaboration and communication between project stakeholders.

[Free White Paper] Demystifying data science: How organizations can benefit from artificial intelligence and advanced analytics

Techopedia explains Project Management Software

Although project management software is used is a variety of ways, its main purpose is to facilitate the planning and tracking of project components, stakeholders and resources.

Project management software caters to the following primary functions:

Project planning: To define a project schedule, a project manager (PM) may use the software to map project tasks and visually describe task interactions.
Task management: Allows for the creation and assignment of tasks, deadlines and status reports.
Document sharing and collaboration: Productivity is increased via a central document repository accessed by project stakeholders.
Calendar and contact sharing: Project timelines include scheduled meetings, activity dates and contacts that should automatically update across all PM and stakeholder calendars.
Bug and error management: Project management software facilitates bug and error reporting, viewing, notifying and updating for stakeholders.
Time tracking: Software must have the ability to track time for all tasks maintain records for third-party consultants.