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Project management software

An investment is a process of using capital to buy assets acquired with the goal of generating income in the future.


The capital investment decision is so important because it is strategic and deciding the future of a business. A wise investment decision will bring long-term benefits, whereas a mistake in investment forces the business to pay the price in a short term. Therefore, to make a capital investment decision, financial managers must carefully evaluate and select investment projects in accordance with the goals, strategies, and intentions of the enterprise. However, how to operate and manage an investment project effectively and achieve the initial expected goal when making the project also becomes a headache for corporate financial managers.



The amount of information regarding the project activities potentially becomes huge and complicated. If enterprises want to develop and manage all the different information of the project for successfully managing projects, then it is clear that manual processes cannot be expected. Under the old model, communication and project management would be handled by a combination of phone calls, emails, applications, and even paper documents. This is obviously not a very streamlined way to work. If one email or phone call gets missed, it can potentially delay or even derail the entire project.


Project management becomes simple when applying project-work management software, which becomes indispensable tools for model businesses 4.0 today. Management software helps turn the entire process into a workflow. Scripts can even be attached to keep the whole process running smoothly. If a member in a group has not responded, the system can automatically send them a text or email reminder. Automation can help us ensure that a project is progressing without wasting precious time or resources. In addition, digitization helps to update, synchronize and disseminate to project stakeholders at all times. Therefore, digitization and application of project management software have become effective assistants to help businesses simplify work processes, transparent business results and use resources efficiently and economically.



The project management software and system allow the project team to create and manage all project information from project initiation to project closing stage. The project management software facilitates the following functionalities for smooth project management.


Collaboration – The system allows collaboration. Team members can access and update information collaboratively. It provides a unified view of project information to all team members and stakeholders with suitable access control.


Scheduling – Scheduling project activities is one of the most important and complex work in a project. Project management software will have scheduling functionality that enables the team to sequence all the project tasks, assign a duration to each task, give the start date of the project and prepare a complete project schedule.


Document Management – In a project, the team will be creating a number of project-related documents such as requirement documents, scope statements, estimation documents, risk register document,s and many more. Enterprise version of project management software allows the team to manage all such documents in real-time. It allows team members to access these documents, make changes to them as needed. It provides an access control mechanism to assign the right access control to view, edit rights to different team members based on their roles and responsibilities.


Resource Management – Resource assignment, resource utilization is an important part of project management. The software maintains resource calendars for each project resource and helps in tracking their assignment and utilization.


Issue Management – Many of the project management software allow issue tracking.

Project Cost Management – Cost elements can be assigned at the task level in a project. One can track actual cost versus work performed analysis. Earned value analysis can be done in most of project management software.


Monitoring and Reporting – Status reporting, progress reporting and forecast reporting are very important in project management. Since the project management captures the initial project planning date and later the actual performance data are also entered into the system, it becomes very easy to prepare various reports.


Project management software and tools have become an integral part of modern project management. It improves efficiency tremendously by enabling the management of all project information in a real-time manner. Organizations are investing on such software and reaping the benefits.


Source: RSM Global; knowledgehut.com


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