Most companies involved in managing projects often have to use multiple types of project report to establish communication between the managers and the performers. However, every report takes some time to develop, maintain, read and follow up.
Obviously it would be much faster and cost-effectively to use several standard report formats. Standard types of report would definitely allow simplifying the reporting process, minimizing time waste and avoiding misunderstandings between teams involved in project management. Let’s find out what standard types of project report are used most frequently in successful companies. If you need to learn more about reporting and other project management facets, visit the best management guide.
Type 1. Status Report
Obviously the Status Report communicates the general status of the project to the stakeholders. This type of report lets the stakeholders understand the current health of the project in terms of the key constraints – Scope, Time, Costs, & Quality. The Status Report also shows the next steps on the current project stage, the roadblocks to be removed until the stage starts, and the key metrics regarding performance.
Type 2. Risk Inventory
The Risk Inventory report includes a summary of the risks that have been identified, analyzed and assessed at the project planning phase. It shows how the risks develop during the project implementation and what actions are taken to prevent risk occurrence.
The Risk Inventory report gives the reader an idea of the general project state in terms of the risks resolved and risks remaining. It is used to develop the Status Report template.
Type 3. Issue Report
The Issue Report is a summary of the issue log which documents how the project deals with risks that have either come to occurrence or an unexpected event happened. It lists the current issues and links them to related risks.
The Issue Report focuses the reader on what is being actively done to address the issues. It specifies priority per issue and a description of how to solve the issue or how the issue has been already solved.
Type 4. Executive Summary
The Executive Summary is a strategic-level report that provides a solid understanding of the project current state, the benefits it will deliver, and how the project fits into existing business strategies. This document also describes how the project will ultimately improve the bottom-line of the organization.
The Executive Summary report is written objectively with reference to actual performance measures. It is submitted to strategists for review and decision making. The report serves as the basis for understanding the current situation and developing solutions to move the project back to where it should be.