In order to do the Project Management, managers or leads might use the tracker in Excel sheets. But there are other ways too. You can use the features available in MS Teams without buying additional subscriptions.
- Team Channel
(Files, Posts)
- Taskby planner
for tracking the status of the tasks assigned to team members)
- OneNote
(to add the requirement discussion points)
- SharePoint
If already you have any team site created for your project and have all the documents, issues and tasks tracked in lists then add this app to your channel and use the SharePoint URL to configure it.
- Wiki
It can also be used to store the content like requirements discussion and feedbacks.