What is Microsoft Project? Features, Benefits, Importance

A project is a specific set of operations that is created to meet a single goal, and the application of knowledge, practices, skills and tools in order to meet this specific set of goals and certain specific requirements is known as Project Management. It is a specialized career path, generally involves working in a team and is a much respected profession in the corporate world. The rapid worldwide growth of Project Management demanded dedicated software to assist its supervision, and Microsoft Office Project or MS Project, as it is most often known, caters to the need quite efficiently.

MS Project: An Overview

Project Management is a complex and multifaceted process and MS Project is a project management software program developed and sold by Microsoft. It is a very convenient-to-use tool that project managers across the globe vouch for. Microsoft is helping project managers with the following tasks:

• Creating schedules
• Assigning resources to tasks
• Tracking progress
• Managing budgets
• Evaluating workload

It creates specific budgets depending on the work assigned and the rates demanded by resources. While the assignment of resources to tasks and work estimation takes place, MS Project gets into cost calculation for the task level and culminates at the project level. Every resource can possess a separate calendar that explains particular days and shifts during which a specific resource is available.

MS Project is a feature-heavy software and automates a majority of tasks. However, it does have a few constraints and is unable to replicate human thinking. Remember, Microsoft Project can create a practical schedule for the project, but it cannot create a plan, and most managers are unable to distinguish between the two.

For example, a Project Manager has to provide solutions to the following questions:

• How much will it cost to complete each task?
• What sort of resources will be needed to accomplish each task? Is it Man, machine or material?
• Are there any specific time deadlines and constraints for the project or individual tasks?
• Is there a defined order while completing tasks, and how are the tasks defined?

Microsoft Project is capable of creating more than just a schedule as it can:

• Form dependencies within tasks
• Solve resource conflicts
• Create Constraints
• Review costs and schedule performances

Why is Microsoft Project Important?

Microsoft Project is pivotal due to the following reasons:

• Organized Management: The Microsoft Project tool arranges project activities in an effective manner, which ensures a smooth execution path.
• Resource Allocation: By enabling the proficient distribution and tracking of resources, the Microsoft Project ensures there is optimal resource usage in the project.
• Task Scheduling: Microsoft Project eases the process of planning and monitoring project tasks, which in turn enhances productivity.
• Collaborative Platform: Microsoft Project provides a collaborative platform where team members can communicate and work together seamlessly.
• Customizable Templates: The customizable templates of Microsoft Project cater to various project requirements. This ensures that these templates offer the flexibility to manage unique project demands.

MS Project training helps project managers envisaging their projects in standard defined layouts. By using this software, it is possible to schedule tasks and resources in a fairly reliable and effective manner. Project Managers can rely on it when it is essential to track information about the work, time taken for individual tasks and also assessing the resource needs for the project. Another important and time-consuming task the MS Project handles in an efficient manner is the generation of reports that are required during regular progress meetings.

Versions of Microsoft Project

Microsoft Project has evolved over time to cater to diverse project management needs through its various versions:

• Project Standard: This foundational version is tailor-made for solo users or small groups who are in search of elementary project management tools. It’s an excellent starting point for those who want to organize tasks and track progress without getting into intricate features.
• Project Professional: Going a step further, Project Professional comes with enhanced project management capabilities. This version is a perfect fit for larger teams working on multifaceted projects. With added features like resource management and collaboration tools, it ensures that complex projects are executed smoothly.
• Project Server: Targeting organizations that prefer an on-site solution, Project Server is an on-premises version. It’s ideal for businesses looking for a customizable project management solution that can be tailored to match their unique operational requirements and integrate seamlessly with their existing infrastructure.
• Project Online: This is a cloud-based version that delivers flexibility and accessibility. Project Online allows teams to access project data and collaborate from anywhere in the world. It’s ideal for distributed teams or organizations that need the agility and scalability offered by cloud solutions.
• Project for the Web: As the newest member, Project for the Web offers a visually engaging experience. This version has a set of intuitively encouraging and visually driven project management tools that make it easier for teams to organize, track, and collaborate on projects. It's especially suitable for users who prefer a more modern, visually oriented interface.

Microsoft Project Features

Microsoft Project, a renowned project management software, is packed with a host of features that streamline project execution:

• Task Management: Microsoft Project makes it effortless to assign, track, and manage project tasks for Project Managers. Organizing tasks, setting priorities, and defining milestones, ensures that teams remain focused and projects stay on track.
• Resource Management: Efficient use of resources is critical for project success. Microsoft Project assists in optimally allocating and monitoring resources, whether they are human, financial, or material. It helps in avoiding resource over-allocation and enables adjustments to ensure resource availability aligns with project timelines.
• Gantt Charts: A picture is worth a thousand words, and this holds true for project schedules. Gantt charts in Microsoft Project provide a visual representation of task sequences, durations, and dependencies, enhancing understanding and communication of project timelines among team members and stakeholders.
• Time Tracking: Time is of the essence in project management. Microsoft Project allows for close monitoring of the time spent on various project tasks, which is essential for managing deadlines and assessing team productivity. It helps in ensuring that tasks are completed within the expected timeframes.
• Collaboration Tools: Teamwork makes the dream work, and collaboration is key. Microsoft Project’s collaboration tools facilitate seamless communication and information sharing among team members. Through features like shared documents and discussion boards, it fosters a collaborative environment that enhances team synergy.
• Reporting: To make informed decisions, project managers need data. Microsoft Project enables the creation of customizable reports that offer insights into various project aspects. These reports are crucial for evaluating project health and making necessary adjustments.

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How to Use Microsoft Project?

Microsoft Project usage varies according to the complexity of the project:

• Simple Project Management: Create a new project and define its scope by adding tasks and assigning resources. Employ Gantt charts for a visual representation of the project timeline.
• Professional Project Management: Use advanced features to manage interdependent tasks, track critical paths, and handle resource allocation in detail.
• Portfolio Management: Employ Project Online or Project Server versions to manage multiple projects, assess project proposals, and align them with strategic priorities.
• Resource Management: With Microsoft Project, effectively track the use and availability of resources to avoid over-allocation or under-utilization.

What does Microsoft Project Look Like?

The Microsoft Project interface includes the following:

Quick Access Toolbar: A customizable area that allows commonly used commands to be added for quick use.

Tabs on the Ribbons & Groups: A part of the “Fluent User Interface”, this “office menu” is a single tool bar that has a ribbon having various tabs, where every tab contains a toolbar button and at times, other controls too. Toolbar controls have assorted sizes and are divided into visually distinct groups, which are essentially a group of related commands.

Commands:

Each tab includes various commands, which, when pointed at, unfurl a description inside a tooltip. These commands are basically specific features one utilises to perform different actions in MS Project.

Zoom Slider: Helps in zooming the view in or out

View Shortcuts: Allows quick and easy switching between commonly used views in the project

View Label: This tab is located along the left side of the active view and contains various views like Task Usage view, Gantt chart view, network diagram view, amongst various others. Microsoft Project is capable is displaying single or multiple views in individual panes.

Status Bar: Shows details like scheduling mode of tasks (automatic or manual) and specifics of filters applied to the active view.

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Advantages and Disadvantages of Microsoft Office Project

Advantages:

MS Project is a highly flexible application that offers multiple tools that help in the management of projects in government institutions, business firms and construction organizations. The planning, allocating and collection of resources for different tasks becomes fairly simple and easy with the use of MS Project. It helps project managers to estimate budgets accurately so that the right amount of money is set aside for the project and for contingencies too.

Disadvantages:

It is prudent to realize that MS Project, though it is designed to allow multiple users to work in congruence, it takes a longer time to train people with different learning paces and the training itself could turn out to be an expensive affair.

Summary

Microsoft Office Project is a suite of tools to help in efficient project management and is used in industries like pharmaceuticals, construction, manufacturing, retail, healthcare and financial services to name a few. Contractors and project managers are able to have better control over their finances and resources and is integrated with Microsoft office suite along with a Client Access Licence for quick connectivity with Office Project Server. Get a complete overview of Microsoft Office Project and PM platforms with project management professional certification course.