A dynamic project management system includes a server network and a master database. The network is configured to identify a personnel resource pool including a plurality of users. A project planning tool is used to effect the project plan including a plurality of tasks to be performed by the users in accordance with respective time schedules. The network is configured for translating the project plan into the master database to effect an assignments table including a list of project tasks assigned for completion by each of the users. Time sheets are periodically prepared in the master database from the assignments table and include a list of the project tasks assigned to a respective user and a time period record for recording time entries therein. Actual time expended in performing the tasks is fed back to the project plan for managing completion of the tasks in accordance with the time schedules. In a preferred embodiment, a funding source is mapped to the project plan so that cumulative labor cost may be tracked based on actual time expended for the project tasks.