A Gantt Chart is an excellent project management tool for the scheduling, budgeting and reporting of a project. The easiest, but perhaps not the most useful, tool for creating Gantt Charts is MSProject. Each task is listed on the left-hand side of the chart with a timeline shown on the right. Milestones can be easily marked and the schedule and costs can be easily updated where necessary.
Every project should have a contingency allowance for both time and budget as there is always a tendency to under-estimate tasks, particularly when under pressure to deliver as soon as possible. Indeed, in practise, many project managers are not given the luxury of estimating the total time required but are likely to be given a fixed end date and the project tasks have to be fitted into the time available.