Project Status Report is an interim report that summarizes a situation within the project as of a stated period of project time. The report aims to confirm key accomplishments for the period and highlight key issues that remain unsolved. It is usually developed for discussion and review at status meetings.
Status reporting is a component of the project fast-track management process that aims to review project activities and quickly report on current state for all major tasks/deliverables due in a given period and then make notes to explain variances and list upcoming interim objectives. As an activity, status reporting is planned and performed by project managers who must ensure good communications between team members and develop agendas for status meetings.
A typical project status report is a one-page document with details on the following information:
- Key accomplishments for the period (week, month)
- Risks and issues that have a significant impact on the project
- Top priorities for the next work period
- Schedule status, including the status of major deliverables and milestones
- Budget status, including cost overruns (if any)
- Comments and recommendations.