The basic project management in SharePoint has been improved to now include basic Gantt project charts. Gantt charts are used to manage timelines and deliverables. Specific issues and items on times can be also assigned to members of your team who will receive an e-mail with their new project task or responsibility.
Watch a Tutorial about SharePoint Gantt Charts
In this SharePoint screencast tutorial howto you will learn how to work with a project management list.