Microsoft Project is a project management software that helps project managers plan projects by assigning resources to tasks, tracking progress, managing budgets, and analyzing workloads. It allows team members to manage tasks and time sheets, project managers to analyze resources, budgets, and timelines, and executives to define business drivers and view project status across organizations. Microsoft Project comes in various versions and can be obtained either through an offline installation or a web-based subscription. It helps users start their first project, set up timelines and allocate resources and costs to tasks, and view reports on dashboards, resources, costs, and project progress.