What Is the Project Management Software and What Does It Do?

Did you know that over 50% of projects fail due to poor management? This is mainly due to a lack of realistic balance in resources, timelines, and budgeting. Project Management Software is an effective way to avoid this failure. In this section, I will discuss project management software, its purpose, what it does, project management software privileges and many other things.  

Project Management Software is a tool that uses a comprehensive approach for planning, resource distribution, budget allocation, task division, timeline management, and milestone checkpoints for a project.

What Is the Project Management Software and What Does It Do?  

Project Management Software performs important functions like

• All the planning, calculations, and time management precisely.
• It provides an accurate road map for the execution of the project.
• It clearly defines all the aspects of the project.
• The PM software distributes the tasks among team members.
• It creates checkpoints to monitor the status of tasks.
• It provides Dashboards to discuss the problems.

• It acts as a Centralized Data hub for the availability of all the information regarding the project. Moreover, the sharing of files and documents is made easy by this software.

The use of Project Management Software’s features and tools is like navigating success in the realm of project management. The planning and calculations done by the PM software are accurate and error-free. For accurate calculations, the data provided by the software should also be accurate. It is a modern solution for all your project worries.

In the fast-evolving digital business world successful project completion is the primary motive of every business. It can be attained by planned methodology, smart resource allocation, quality checkpoints, and strategic time management. Project Management acts as a navigating compass, guiding the project from chaos to triumph.

It coordinates the efforts of various departments, entire teams, and different tasks. Hence resulting in an organized and clearly defined workflow. Project Management is an indispensable tool for planning, and organizing multiple projects.

Purpose of the Project Management Software

Project Management software is a transformative tool for successful project completion. The purpose of the PM software is to provide ease and accuracy in project management until completion. You may apply techniques using PM software to find and execute specific needs.

• Its algorithms provide precision in planning, organizing, and executing the projects.
• Its trackers streamline the workflow of the project and help in monitoring.

1. To Provide EASE

PM software is a smart tool where a user has to provide ONLY data into the Project Management Software Portal. And that’s all. Yes, that is all. The rest of the work will be done by the algorithms of the software. It will do the calculations and provide realistic

• Division of tasks.
• Timelines for the completion of each task.
• Provides clarity of objectives.
• Allocates resources according to the needs of the task.
• Find out the loopholes
• Takes the counter steps to combat issues.

2. To Save Time and Resources

Project Management saves time by automating all the processes. One-time manual input of the data is required. Once the task is completed, an employee has to update the status in the portal. The rest of the tasks will be taken care of by the software. See the data input and workflow in PM software.

It removes the need for lengthy manual calculations, monitoring, and reporting. All of these tasks are performed by the Software Itself, saving time and resources. It provides fast results.

3. To Provide Accuracy

The calculations done by the algorithms of the software are accurate. The timeline and budget calculations are precise. These calculations meet the demand of the project. It eliminates the chances of falling into financial loopholes. Accuracy is the main key element of the PM software that outshines in Project Management.

Who is the Project Manager and Duties?

A Project Manager is the professional responsible for the successful completion of the project under a given budget, timeline, and resources. He leads the team and the entire project. A Project Manager must be a professional with refined skills, knowledge, and experience. His duties include

• Assessment of project
• Devising a project plan
• Selecting a methodology for the project
• Management/Division of tasks
• Monitoring the workforce
• Analyzing the available resources
• Addressing arising issues
• Ensuring the timely completion of each milestone
• Reporting to stakeholders
• Keeping the project on track

For the Project Manager, handling so many tasks can become challenging. Just like the juggler of a circus. The project manager is juggling in maintaining a balance between tasks, resources, timelines, and finances all by himself.

All this chaos can be turned into an organized frame of work by a clever invention. Yes, that is Project Management Software.

Project Management Software is a helpful tool for planning, distributing resources, and managing the time of a project accurately. It converts all the raw information into an organized workflow. It stands as a guiding compass for the team members, and an assistant for managers. PM software ensures the success of the project at each step of the project.

The Features of Project Management Software

Project Management Software is easy to use. The software’s outstanding features make it an ideal system for managing all types of projects. It is a multifunctional tool that is equipped with a variety of features. These features cater to the unique needs of various industries. Some of the features are

1. Task Management

Management of tasks is the core feature for efficiently working on a project. Project management software makes use of its tools and features for –

Dividing tasks:  By task allocator

Allocating tasks to members according to their capabilities, to harness the full potential of each member.

Tracking: By Activity Tracker and Team Progress Tracker

Task management is also about tracking the completion of the assigned task with the help of these trackers. This feature makes sure the project keeps on track until completion. Each task is updated after completion. An overview of the project at each step is provided by the tracking system.

2. Resource Allocation

Smart resource allocation is the shining feature of PM Software. It analyzes the data, compares it with deadlines, and finally provides a road map for the successful completion of the project.

This road map is a detailed planning and distribution of tasks and resources with timelines. It takes over the major responsibility of managing the budget and resources within the constraints of timelines. Project Management Software makes use of each resource to its full capacity. It prevents the outrun of any resource in between the project.

3. Monitoring and Control

An important factor crucial for keeping the project on track is monitoring. This is easily done by PM software instead of a project manager alone. It is difficult to maintain checks and balances on all the team members manually and record the progress. This can be simplified by using a Project Management Software Portal.

The project Management portal is a unified platform that connects all the team members, project managers, and stakeholders. All the team members have to update the status of their assigned tasks in the portal. The manager can monitor the progress and can update the status of the task.

If there is a missing gap in the portal, the Project Manager gets to know immediately, at what point the task is not completed. He can connect with the corresponding team member and discover the problem. This provides real-time monitoring and control. It is an efficient mechanism to identify and address the issues immediately, avoiding unnecessary delays.

4. Reporting and Analytics

After Monitoring, a project manager has to report the progress to the stakeholders. It is done through weekly/monthly meetings taking up a lot of time for managers and stakeholders alike. Project Management software provides real-time data and analytics to all the stakeholders at each step.

They can analyze the status of resources and finances. They can access the time needed for completion. This feature makes reporting much easier for the Project Manager. The stakeholders are also continuously monitoring the progress of the project themselves.

If there is an issue, all the stakeholders gather at a Discussion board. The issue is discussed and addressed on this platform instantaneously. Informed decisions are made quickly leading to timely completion of the project. Hence, it saves not only time but also resources.  

This feature of the Project Management software negates the need for physical meetings to do the same.

5. Project Management Portal (Data Hub)

The project management portal acts as a central data hub for a project. It acts as the centralized storage for project-related information and documents. The Project Management portal provides a unified platform for communication, cooperation, and task management.

All the information about finances, team members, deadlines, and resources is fed into the project management portal. The data is available for all the team members and stakeholders alike. This instantaneous availability of data makes sharing of documents and files easy. 

How A Project Is Managed with The Help of PM Software?

A project is easier to handle when divided into phases. The cycle includes

1. Initiation

In this phase initial research is conducted and project objectives are identified. This research and project objectives are fed into the Project Management Portal.  The portal will formulate a feasibility report to assess whether or not, the project can be completed with available resources and timeline.

2. Planning

The most important stage is planning. The software devises an inclusive plan taking budget, resources, timelines, and resources into account. It explains how the project will be executed. In this phase, PM software provides a schedule that explains

• Timeline for tasks
• Estimated project costs
• Tracking the scope of the project
• Assessing risks and troubleshooting them
• Resource management

An effective method to do this is by using Gantt Chart software. The Gant Chart software gives a visual representation of the entire project’s schedule and scope.

3. Execution

The third phase is executing the project on the planned track to meet the project objectives. During this phase, PM software maintains a critical balance among resources and timelines.

The software highlights the paths to be taken to accomplish the project. It explains at which step what precautions are needed. It also explains how to avoid the loopholes to keep the project running.

4.    Monitoring and Reporting

The Software divides this phase into two steps.

4.1 Monitoring

First, Monitoring the team, with the help of Progress trackers and activity trackers, ensuring the completion of milestones and meeting the deadlines. It explains how to execute the project within available resources and time.

4.2 Reporting

Secondly, Report the progress to stakeholders. It is done through reports and results obtained from the portal. The reports and analytics obtained from the portal are presented to stakeholders.

This provides real-time infographics to stakeholders. They are better informed and updated about the project status.

5. Finishing

The last step is closing the project with deliverables. The PM software represents the final product. It explains the usage of resources, budgets, and workforce utilized during the project. In this final stage PM software describes all the journeys undertaken for completing the project.

Project Management Software for Individuals

Till now we have discussed, a Project, Project Management, and the roles of a project manager. What if all these things were to be taken care of by a single individual?

Let’s say, you are a new solopreneur trying to establish a business. Would it be easy for you to do all of these things manually just by yourself and without error? No, it won’t be. This is where project Management software helps.

Project management software tools help solopreneurs manage tasks and stay organized. Indeed, this tool also helps solo professionals by automating the process, giving deadline reminders, and keeping resources in balance. Hence, helping an individual in making informed decisions and avoiding roadblocks.

Final Thought 

Project Management software is a wholesome tool that helps in completing a project successfully. It helps in managing tasks, dividing duties, allocating resources, managing time, and keeping the workflow on track. Its smart algorithms help in managing finances and task divisions. The trackers help in monitoring the progress of the project.

The quality checkpoints ensure that each milestone is completed in the available time. The PM software maintains effective collaboration among team members, Project managers, and stakeholders. It leads to timely and informed decisions. All these features of Project management software make it an ideal system for executing all types of projects.