first time managing a project

Hi,
I just got chosen as 'project manager' for our next project. It seems
like most people feel 'sorry' for me around here... We are designing a
moderately large mostly digital asic and the team consists of about 6
people. I've never managed anything before and most of the people in
the team are more senior designer than me. Right now, things are
decided from hallway conversations, and nothing is really written down
in terms of schedule and who-does-what...

I wonder what tools if any that people use to manage a project. Is
something like MS-Project any good? I understand that the schedule we
would put in place will never hold, but I figure it's better to have
something than nothing. Also, what do people use to track down bugs and
issues. The chip is divided in 6-7 blocks, each will be assigned to
one-two person. Where should I gather the information coming out of the
weekly meeting - schedule slip, bugs to be fixed etc...email?
ms-project? hallway?

Thanks a lot,

Dave

.

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