Make sure you are very clear about project requirements and the goals to be achieved. Everyone working on the project should be updated about the progress, risks and issues routinely. Check on the BCWS, BCWP and ACWP and update everyone in a timely manner. Proper task notifications and what-if analysis are some important aspects to consider while managing a project. Appropriate selection of a project managing software is critical to efficiently accomplish these tasks. One of the best software for project management out there is Microsoft Project 2010. Features like the Gantt chart, inactive tasks, automatic project scheduling according to the changes made to the task, and easy collaboration with other open source software help to efficiently complete assigned task in time and with precision.