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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Amendment No. 2
Project Software & Development, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
74339P101
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(CUSIP Number)
Page 1 of 5
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CUSIP NO.
74339P101
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1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
Goldman, Sachs & Co.
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2. Check the Appropriate Box if a Member of a Group
(a) _____
(b) _____
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3. SEC Use Only
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4. Citizenship or place of Organization
New York
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Number of 5. Sole Voting Power
Shares
Beneficially 0
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Owned By 6. Shared Voting Power
Each
Reporting 5,000
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Person With 7. Sole Dispositive Power
0
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8. Shared Dispositive Power
5,000
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
5,000
- --------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
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11. Percent of Class Represented by Amount in Row (9)
0.1%
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12. Type of Reporting Person
BD-PN-IA
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Page 2 of 5 Pages
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CUSIP NO.
74339P101
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- --------------------------------------------------------------------------------
1. Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
The Goldman Sachs Group, L.P.
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2. Check the Appropriate Box if a Member of a Group
(a) _____
(b) _____
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3. SEC Use Only
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4. Citizenship or place of Organization
Delaware
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Number of 5. Sole Voting Power
Shares
Beneficially 0
-----------------------------------------
Owned By 6. Shared Voting Power
Each
Reporting 5,000
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Person With 7. Sole Dispositive Power
0
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8. Shared Dispositive Power
5,000
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
5,000
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10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
- --------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9)
0.1%
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12. Type of Reporting Person
HC-PN
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Page 3 of 5 Pages
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Item 4. Ownership.
Not applicable. The percent of the class owned as of
December 31, 1997 did not exceed five percent.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that
as of the date hereof the reporting persons have ceased
to be the beneficial owners of more than five percent of
the class of securities, check the following X .
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Item 10. Certification.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having
such purpose or effect.
Page 4 of 5 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true,
complete and correct.
Date: January 10, 1998
THE GOLDMAN SACHS GROUP, L.P.
By: /s/ Roger S. Begelman
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Name: Roger S. Begelman
Title: Attorney-in-fact
GOLDMAN, SACHS & CO.
By: /s/ Roger S. Begelman
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Name: Roger S. Begelman
Title: Attorney-in-fact
Page 5 of 5
