SharePoint is Microsoft's collaborative environment. Consider a SharePoint site for any project you are involved in. Links to all project content are painted on your site: all documents, all calendar events, all contacts, all pictures, interactive discussion sessions, etc.
Automated alerts to new or changed content are possible and recommended. What project participant would NOT want to be alerted to project changes?
Project site members may be worldwide. Not just your firm's colleagues; but also college professors, bureaucrats, other companies, etc. Members may see all or just parts of a site.
Your SharePoint site is a “OneStopShop” for all project information.