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When translating the support of the life cycle to the applied tools, we can say that a good project management tools should facilitate all phases in the process.

More specifically this means that for each step, the necessary functionalities should be available:

Demand Management
An organisation wants to collect all ideas, analyse them and then see how and where they contribute to the strategic objectives that were set forth by the management.
Portfolio Analysis and Selection
After analysis of the different ideas, an objective choice must be made, taking into account the available resources and budgets.
Project Planning
Resource Planning
Financial Management
A good planning tool provides the means to plan all activities and assign resources to the different tasks. As such the workload and cost of each task is automatically calculated, based on the rate of men and material planned. When projects evolve in time, the tool allows to track work and cost progress.
Issues & Risk Management
Time reporting
Team Collaboration
A project management tool must also provide a platform where project managers and all team members, stakeholders, etc can add, read information that is relevant to them: documents, change logs, risk and issue logs, progress tracking, feedback on the status, etc...
The information on projects should be collected and stored in a central repository, so it can easily be consolidated in clear and real-time reporting. Each modification to timing or cost should be immediately visible.
Moreover it shouldn’t require an IT-specialist to generate these reports.
Program Management
Finally a project management tool should be capable of consolidating the information of different projects within a program and report on this.
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