Recently I was asked for my thoughts about using SharePoint 2010 for software project management tracking. Personally, I think there are numerous opportunities presented by using SharePoint. For example SharePoint can be used as a central repository for stakeholders to obtain project status, cost, and budget information. This will result in increasing project visibility and control.
However I think most importantly SharePoint offers the possibility of reducing the project workload while increasing productivity.
At the same time SharePoint offers source control, issue tracking, and workflows for the formalization of approvals. This results in transparency and compliance with regulations.
Also, one should take full advantage of workflows, alerts, and dashboards from SharePoint.