A project management tool serves several functions in team collaboration, primarily by organizing tasks, scheduling, and tracking progress. These tools facilitate communication among team members, allowing for real-time updates and transparency on project status. They help assign responsibilities, set deadlines, and monitor budgets, ensuring that projects stay on track. Additionally, the use of project management tools fosters collaboration through shared documents, workflow automation, and integration with other software. By streamlining these processes, teams can work more effectively and achieve project goals with greater efficiency.