Reports are essentially important. Status reports, as defined by Wikipedia, are a type of project report which is most often used by teams so that they will be able to communicate with each other regarding the status and development of the project. Status reports are also distributed on a regular basis.
It would also notify and give the shareholders of the company information about the progress of the particular project. You can also try to check out these Sample Reports which you might find quite interesting and you can definitely download and use it as a guide or as a reference for free.
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The Goals of Status Reports
Status reports are mainly used to communicate with the team or the parties involved in the project with regards to the status of the project. Aside from that, it can also be done and would usually be completed on a weekly basis. You would also need to make sure that the details of your status report are accurate and up-to-date.
Also, including the information, as well as the necessary details required by your sponsors in your project status report, would be a plus. For sure, such things will help you complete your status report on the regular basis.
Status reports also allow you:
- To lay a firm foundation for an informed decision-making process and creative problem resolution
- To recognize individual and team accomplishments in a timely, organized fashion
- To provide a standardized mechanism for communicating “status” to the shareholders or to the stakeholders of the company
- To maintain a timely, consistent flow of information relating to project progress and performance
- To make everyone aware of the issues, problems, and delays in a timely, actionable manner
- To provide suffice reasoning and rationale for changes and adjustments to plans and strategies
- To monitor, track and record project costs and budget utilization
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Benefits of Having a Status Report
- Clarity – Status reports can definitely help clear out any issues related but not limited to the budget, the operation, the production, and the like. The status report can also help in terms of highlighting and showcasing these items to the investors and to the shareholders alike. It is also important to keep in mind that you may have to avoid giving and providing them bad news.
- Focus – If you are a digital project manager who is managing a large project with several stakeholders, having a status report on hand can help you keep everyone’s focus on the goals and the problems you’ve encountered on a weekly basis.
- Record – This part means that when you have an informative report, which is detailed accurately, it definitely means that you are keeping track of everything that’s happening and that you have a record of all the information and details in terms of the “what”, “when”, “who”, “how” and such.
Furthermore, you can always consider checking out examples of these Project Status Reports for free which you may find useful.
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