Project management reporting plays a vital role in the success of a project. There are several types reports that are carefully prepared and submitted to stakeholders, clients and managers in order to ensure effective communication within the members of a project.
Why is Project management reporting important ?
An efficient project management reporting system provides regular and formal information for the project. Team members, stakeholders and also clients can be furnished with enough information about the projects current status. In this way, you can protect your project team members and project stakeholders from unforeseen risks and issues that are highly critical to be known.
By the help of project management reports, we will recognize what is preventing the project from moving faster and have the possibility to break down the various aspects of the project against the project management plan, which was prepared before.
Project management reporting system also provides a documented history of the project and its proceedings. These valuable datas can be used for claim analysis and/or settling disputes.
Types of Project management reports
There are several types of reports used for project management, however, we will review 5 different types of reports. Each of these types play an important role in the execution of the project.
1. Status Reports
One of the most common types of project reports is the status report. You can prepare status reports weekly and/or monthly. Project status reports can be indicative to the following statuses pertaining to the project:
– Schedule Variance (SV)
– Cost Variance (CV)
– Percentage of Completion
– Milestone Status
– Procurement Status
– HSE Status
2. Resource Reports
A resource is a necessary asset which is used to perform a certain task or a project. A resource can be a worker, a group, a vehicle, finances, and time. Most projects require several types of resources in order to be performed. Resource reports show you the breakdown of which worker is assigned to which task on which day.
By the help of resource repors, you can easily compare the planned and the actual performance of the reports. Productivity analysis can be made by reviewing the resource reports.
Resource reports provide information about the completed quantities and spent manhours. Project managers use resource reports for deciding resource levelling.
3. Risk Reports
Risk report includes a summary of the risk profile of the project. Risk register should be updated and risk review meetings should be assembled by the project management team. Risk report is the output of risk register and risk review meetings. Risk reports may include many information about the risks but in order to present the report briefly, the risks that have the potential to create the most problems can be included in the reports.
It is possible to create a risk report which involves all the risks within a project regardless of how important they are.
4. Executive Reports
Executive reports are prepared for board members and top management. Therefore, the detail level of these kinds of reports are different than the other project management reports. Project’ s current status, high level risks, income and budget summary, key milestone status parts are included in the executive reports briefly.
An effective project management reporting is vital for a successfull communication system. Because communication plays a fundamental role in all facets of business.