Reports are essential tools in business. They play a crucial role in a company’s startup, ongoing growth, expansion, and even survival stages. Through business reports, companies can document their progress over time. Reports also help build an audit trail of the past. These documents can become necessary when going to financial institutions or seeking investors. Corporations produce annual reports for their stakeholders and government agencies to comply with legal obligations. Reports are also helpful in decision-making, whether making a substantial purchase, planning for expansion, or deciding to sell the business.
As businesses become more project-centric, the idea behind reporting is likewise followed and expected during project management. Project reporting is the act of producing formal and informal reports to communicate the project’s status. Reporting is usually done at regular intervals throughout the project. Stakeholders, sponsors, and the project team agree on the reporting frequency. In general, project reporting helps manage the expectations of stakeholders. […]