A tool is something we use to accomplish a task. The effectiveness of the task completion depends on the tool of choice. Using the right tool for the job requires understanding of the tools at our disposal and their functions and uses.

Therefore, Project Management tools are those that at project managers' disposal to better manage projects.

Some examples for tools along with their uses are:

1. WBS or Work Breakdown Structure - Identify work units to complete, estimate work, build schedule, identify resources required to complete individual tasks
2. Schedule Analysis Management - PERT and CPM - understand the schedule, analyze critical path, lag times etc.
3. Budget forecast models - Understand funds allocated, spent (actuals), funds needed to complete the project, on/over/under budget analysis
4. EVM or Earned Value Management - To analyze how project is doing in terms of delivery, answering questions such as have we produced the planned value at current time?, Is project falling behind? Is project making sufficient time in terms of value produced?
5. Scope, Requirements and Traceability Matrix - to understand what the scope of the project is. Are we building functionality that can be traced back to the requirements? Are we staying within scope? Is there a scope creep?

There are several software out there that would wrap many of these Project Management tools into a bundle to help project managers use the tools with ease. Such software include Microsoft Project, Clarity, Primavera Team Play, etc.