Scheduling

• The scheduling component of project management software allows the user to assign tasks and milestones to particular calendar dates. By entering tasks in the sequential order in which they must be accomplished, and by allotting the designated amount of time for all tasks to be completed, the user can generate a working calendar that shows both the start date and the projected end date for complex projects that have multiple simultaneous subprojects.
  
  

Asset Allocation

• Project management software provides a method of load balancing, or ensuring that limited resources are assigned as needed. For each task assigned in the schedule, the user can designate the personnel, equipment and other resources required to complete the task. This allows the user to see and prevent conflicts or overlap in the schedule where any given resource would be overloaded.
  
  

Critical Path

• In a given project, some tasks must be successfully completed before any further work can be done. For example, in building a house, the foundation must be set before carpentry can begin. If the foundation is delayed, the carpentry must also be delayed. Critical path refers to the points in a project where one task must be completed before another task can begin. Project management software is designed to account for critical path issues. If task B, which in this example is carpentry, cannot be started until task A, setting the foundation, is completed, then delays in completing task A, when entered into the software by the user, will automatically reset the schedule for task B.
  
  

Budgeting

• Project management software tracks the amount of time that personnel spend on a task and the amount and types of physical resources required to complete each task. The software can therefore calculate the costs incurred to date for each project. Similarly, project management software can show the differences between the forecasted costs and the actual costs of the project at any point in the project up to the current date.
  
  

Reporting

• Project management software can provide reports on the schedule, assets, critical path items and budget for a project. In some cases, the reports might be in the form of a dashboard that includes only high-level information such as percentage complete on a project or percentage of budget used versus projections. In other cases, reports might be very detailed and include information about particular personnel or detailed information about a particular task within the project. Reporting is a way of communicating information about a project to the different participants so that the participants share a common view and understanding of the status of the project.