Microsoft Project is a project management software program that is designed to assist a project manager in developing a plan, assigning resources to tasks, tracking progress, managing the budget, and analyzing workloads. Project can be used as a stand-alone application on an individual computer or used in conjunction with a Project Server for synchronization between multiple project managers or project participants.
Project creates budgets based on assignment work and resource rates. As resources are assigned to tasks and assignment work estimated, the program calculates the cost, equal to the work times the rate, which rolls up to the task level and then to any summary tasks and finally to the project level. Resource definitions (people, equipment and materials) can be shared between projects using a shared resource pool. Each resource can have its own calendar, which defines what days and shifts a resource is available. Resource rates are used to calculate resource assignment costs which are rolled up and summarized at the resource level. Each resource can be assigned to multiple tasks in multiple plans and each task can be assigned multiple resources, and the application schedules task work based on the resource availability as defined in the resource calendars. All resources can be defined in label without limit.
While Project is considered to be part of the Microsoft Office Suite, it is licensed separately on an individual basis. For more information look at Microsoft’s Project page.