In most of the small to mid-range projects, we don't need Enterprise Project Management (EPM), it's also difficult and un-usable for team to use Microsoft Project or collaborate through web without any suitable tools.
SharePoint Project Management is a custom site template to full this gap. it can be installed top of Windows SharePoint Services 3.0 and used for enhanced collaboration, time and budget management not only for a single project but for a many projects at the same time .
by using this solution, you can schedule project gant chart, define project tasks and assign them to your team. Monthly reports would be generated by workflows using daily reports that team members registered in the site.
In this collaboration environment projects document will be shared through the team whit advance integration and customize to use for a project.