Office MS Project Server 2007: Released in late 2006 and it is a companion product to Microsoft Project Professional 2007; all the features of the MS Project 2003 are retained and have enhanced system architecture comparatively 2003 version.
Many new features are introduced like "Master projects, Timesheets also support billable/non-billable organization specific fiscal periods; Cost resources to manage the budgets at project/program level; PMs can create the ad-hoc reports by using built-in Visual Reports at Project professional, live reporting database is available to create organization specific custom reports, improved performance by having active cache mechanism at project professional.
Enhanced application program interface (PSI) allows us to automate and extend the project server functionality to meet the custom requirements. The server-side Event Model can trigger workflow for business processes defined with Windows Workflow Foundation.
MS Project Server 2007 has been integrated with Windows SharePoint Services 3.0, so Microsoft Project 2007 users can easily create, link, and track documents, issues, and risks. When you create a project, you can also automatically create a SharePoint site for project documents, issues, and risks.
Windows SharePoint Services 3.0 also supports the team collaboration and making it easy for users to work in shared environment on documents, events, wikis and issues/risks etc.
Note: All EPM versions are completely integrated with Microsoft office products (MS Outlook, MS Excel and MS Word etc.)