Project Management Software refers specifically to any type of software meant for use on the personal computer that is implemented and or utilized by the project management team and or the project management team leader in the process of maintaining, developing, or fostering the life of a given project. The concept of the project management software specifically refers to the particular group or class of software application that is designed to assist the project management team in the planning, monitoring, and ultimate controlling of the given project. The software assists in a number of specific and distinctive sub areas. These include budgetary areas including cost management and payroll, all types of communication both internal and external, records and book keeping, risk analysis, and scheduling and timekeeping instances. Project management software is of critical importance for today’s project manager, and it is also highly recommended that the entire team be trained in its use.