Project Report (or Project Status Report) is necessary to communicate the status of a project to its staff and stakeholders. The Project Report embraces necessary scope of information that is demanded by stakeholders to stay in touch with all essential project matters, including progress, budget and schedule.
The Project Report should be composed by the project manager and his/her assistants in a manner allowing them to escalate any significant items or issues to the focus of project stakeholders, so they can support the project team with necessary decisions and guidelines.
There could be one or a set of smaller regular reports dedicated to such matters:
- Project Schedule (to see how the real timing complies with the estimate);
- Project Budget (to know whether additional funding can be demanded);
- Project Deliverables (to learn if they meet requirements on quality);
- Project Risks (how severely risks are affecting the project);
- Project Issues (problems arising on the project performance);
- Project Staffing (changes and improvements in the project staffing);
With a help of Project Status Report, project manager and stakeholders can identity whether the project is on the right track and it will be finished on-time, on-budget and on-quality, without serious overruns. Project Report is a way to capture and document the project performance for further analysis and decision-making.