I found HP's ALM to be an exceptional tool for IT project management tracking.
When you get down to the nuts and bolts, this tool allows you to identify Releases, the Requirements associated with those Releases, the Tests associated with those requirements, and finally, the Defects, associated with those tests.
You just need to set it up properly, linking all of the four previously mentioned items together, then run as many KPI reports that you need to see where you are at this point and time in relation to the project's life cycle.
Hope this helps!