Reports are essential tools in business. They play a crucial role in the startup, ongoing, growth, expansion, and even survival stages of a company. Through business reports, companies are able to document their progress over time. Reports also help build an audit trail of the past. These documents can become necessary when going to financial institutions or when seeking investors. Corporations produce annual reports for their stakeholders and for government agencies to comply with legal obligations. Reports are also helpful in decision making, whether making a substantial purchase, planning for expansion, or deciding to sell the business.
As businesses become more project-centric, the idea behind reporting is likewise followed and expected during project management. Project reporting is the act of producing formal and informal reports to communicate the status of the project. Reporting is usually done at regular intervals throughout the project. Stakeholders, sponsors, and the project team agree on the frequency of the reporting. in general, project reporting helps manage the expectations of stakeholders. It also provides the status of the scope, time, and budget of the project.
Benefits of Project Performance Reporting
- Identifies risks
- Cost management
- Drives project success
Features of Project Performance Report
The contents of the report depend on many factors: type of project, complexity, stakeholder expectation, and others. However, there are basic elements that should always be present.
- Project data – These include, at the least, the project name, report date, and name of the project manager.
- Summary – Notably, this includes a brief description of the project. Also included are updates of its progress; status of the current schedule, budget, scope; percent completion; short overview of results; and next steps.
- Actual Progress vs Planned Progress – Contains rate of completion in percentage, significant accomplishments, milestones reached, additional information on schedule, budget, and expenses. Visual indicators can provide information-at-a-glance.
- Risks and Issues – For example, a description of any issue or problem encountered or being encountered. Also, corrective action applied or currently being applied, how to avoid them in the future, open issues that need higher-level approval, potential risks and mitigating actions, and change requests.
- Milestones: Track your milestones and their status with detailed commenting.
- Next Steps – Future action items and people responsible, upcoming milestones, and other scheduled deliverables.
This template is for you whether you are a project manager, a creative company head, or a freelancer. You need reporting and you need this awesome template.