A dependency graph in project management visually represents the relationships between tasks or activities. It helps project managers identify which tasks depend on others and when they can be started or completed. By analyzing these dependencies, managers can optimize project schedules, allocate resources efficiently, and identify potential bottlenecks. Furthermore, a dependency graph aids in recognizing critical paths, ensuring that projects stay on track and within deadlines. This visualization fosters better communication among team members, reinforcing the understanding of task sequences and overall project flow.