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A wiki gives students working on a group project a central place where everyone can see and edit the same information, and gives you the ability to assess their progress while it's occurring instead of after it's over:

Track a group project - Considering students' busy schedules, a wiki is very useful for tracking and completing group projects. It allows group members to track their research and ideas from anywhere they have internet access, helps them save time by seeing what sources others have already checked, then gives them a central place to collectively prepare the final product, i.e. write and edit a group paper or prepare the content of a powerpoint or keynote presentation.

Again, from the Using Wiki in Education Blog. The article gives hints how to do implement the strategy. At IUB,

can be used for that purpose.

Other possible uses can be found at Possible Uses of this Site, where everyone at IUB can contribute their ideas.