I have to use this pretty soon, and was wondering if there is an alternative to this. Preferably open source.
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There are quite a few alternatives, you should check out the following links to try to find one that is best suited for you:
I have tried MS Project (professional/sharepoint), dotProject, Trac and eGroupWare, but my favorite is probably Trac(http://trac.edgewall.org/).
this is quite neat too.
I'll toss in Redmine. It's very similiar to Trac but is more flexible, and supports multiple projects which with Trac is a hassle. I will also say customizing the Redmine back-end has been only slightly painless the authors do a very good job at organization and layout even on the backend.
RationalPlan is a good alternative to MS Project and there is also available a Server version for it: http://www.rationalplan.com/server-project-management-software.php