What is Project Status Report? Types, Examples, Best Practices

Project management is a complicated process with many phases, tasks, and stakeholders. Project status report is a vital part of project management because it lets people know how a project is going and points out any problems or risks that could hurt its success. This article will discuss status reporting in project management, including what it is, why it is crucial, and how to create an effective report.

Also, while discussing project status report templates, we will examine a framework and format for providing details about a project's progress. Here, getting a Project Management online certificate course will be helpful for you in becoming a professional in project management.

What is Status Report?

"Status Report" refers to a project's current condition or progress. It provides an overview of how the project tasks are progressing overall. Usually, a status report includes information about how far the project is from its goals, which activities have been completed, what tasks are still being worked on, what resources have been used, the deadline, the budget, any risks or problems that have come up, and any other relevant information.

An accredited PMP certification demonstrates a high level of knowledge and expertise in project management, including an understanding of project status.

What is Project Status Report?

A project status report is a document that describes the current project status and progress. These reports are used by project managers to update stakeholders on the status of the project and to track expenses, hazards, time, and work. Project status reports are also useful for identifying problem areas and making necessary changes to the project plan. PRINCE2 courses online can help project managers understand how to manage projects using this methodology and create effective status reports.

Depending on the requirements of the stakeholders, a project status report content might vary, but often includes the following factors:

• Project Summary
• Key accomplishments
• Present status
• Schedule
• Budget
• Next step
• Hazards or issues

Project Status Update

A project status update typically includes information about the completed, ongoing, and upcoming tasks. It lets project managers share important information with their team members, sponsors, clients, and other stakeholders and keep everyone up to date on the project's progress.

Project Status Chart

A project status dashboard is a visual illustration of the key performance indicators (KPIs) and the project's current status. Its purpose is to let important people, like project managers, team members, project sponsors, and clients, know how the project is going. Different metrics and indicators might be shown on the chart.

Project Status Dashboard

A project status dashboard is a visual illustration of the key performance indicators (KPIs) and the status of a project. It gives a rapid and easy-to-read picture of a project's health and development, allowing stakeholders to quickly detect and address any possible difficulties.

Types of Project Status Report

Tracking the status of a particular project is a regular process. You generate reports at different intervals. Based on that, there are four different project status types.

1. Daily Status Report - In the daily report, the experts track the activities that each team member has completed within a day. It also includes the tasks that are due completion in the coming days. It is the summary of all the big or small activities done during a day with respect to the project.

2. Weekly Status Report - The weekly project status reports contain all the details about everything that happened within a week. Tasks completed within a week, issues faced, and the solutions that helped sail through. Every activity related to the project for that week gets documented in weekly reports. It offers a basis to plan the tasks the teams will accomplish in the upcoming week.

3. Monthly Status Report - As the name suggests, this report provides the same information as the weekly or daily reports but over a span of 30 days. You can take it as a monthly recap of the project, and as it is an elaborate report, it helps understand the progress better. Organizations also use this report to check the leadership skills and expertise level of the people associated with the project.

4. Quarterly Status Report - If you want an overview of the project after a specific time period, 4 months in this case, you can opt for a quarterly report. It gives you an elaborate idea about tasks, budget, efficiencies, etc. Based on the quarterly reports, you can make significant business decisions.

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Benefits of a Project Status Report

Listed below are a few benefits of a project status report:

• Responsibility: A status report helps hold team members responsible for their tasks and goals. It shows who is responsible for what and lets project managers see how things are going and find any problems.
• Risk Control: A status report can help find risks and issues before they become big problems. By looking at the progress report often, project managers can deal with challenges and reduce risks before they happen. This can help keep the project on track.
• Managing Costs: Cost control is not easy. But with regular project reports, it's easy to see where your money is going and keep track of your spending.
• Better Communication: Project status updates let everyone know how the project is going. They assist stakeholders in understanding how the project is progressing and what obstacles must be solved.
• Better Decisions: Project status reports give project managers facts and insights that help them make well-informed decisions. They can spot trends and problems that need fixing and decide how to keep the project on track.

How to Write a Project Status Report?

A project status report is a document that summarizes a project's progress status, identifies any issues or challenges, and highlights accomplishments. It acts as a tool for project managers, team members, and stakeholders to communicate about the project's progress.

The following are the steps involved in writing a project report:

Step 1: Start With an Introduction: Begin by demonstrating the project by naming it and offering a summary of its goals and scope. It is useful for businesses that work on many projects at a time.

Step 2: Describe the Project’s Current Status: Summarize the project's current status, including completed milestones, continuing work, and upcoming deliverables. When creating a summary of your project status report, you can concentrate on the most significant details from each area.

Step 3: Identify Challenges: Determine any issues or challenges that the project is experiencing. Be clear about the problem and describe how it will affect the project's duration or budget.

Step 4: Highlight Milestones: To keep stakeholders informed and interested in the project's success, highlight milestones in your project status report. Determine the project milestones, which are significant accomplishments that indicate crucial points in the project's growth.

Step 5: Mention your Budget: Provide an outline of the project's budget, including any expenditures made to date and any anticipated costs in the coming time. Highlight any budget exceeds or underruns and explain any budget modifications.

Step 6: Provide Next Steps: Describe any upcoming activities for the following reporting period. Provide specifics on deadlines, deliverables, and any risks that impact these planned activities.

Step 7: Write the Conclusion: Finish your report with a summary and a call to action for stakeholders. This could be a request for more resources, feedback on the project's progress, or an appeal for support.

Project Status Report Examples & Templates

A pre-designed document known as a project status template describes the essential details that must be included in a project status report. The template provides a framework and format for presenting information about the project's status, such as accomplishments, the current status, challenges, risks, the budget, milestones, and suggestions for the project's next steps.

You can create Project status report rapidly by downloading the ready-to-use templates. The templates are available in MS Excel, Word, and Google Docs formats. The following are some examples of project status templates:

1. Executive Summary Templates

Download Executive Project Report Template - Word | PDF

2. Budget Report Templates

Download Simple Project Budget Template - Microsoft Excel | Microsoft Word

3. Risk Report Templates

Download Basic Risk Assessment Template - Excel

4. Progress Report Templates

Download Daily Project Progress Report Template - Excel | Word

Best Practices for Presenting Project Status Reports

Project management requires that stakeholders be aware of project progress updates. The following are some best practices for delivering project status reports:

1. Know your Audience - Consider the audience's interests, expectations, and level of understanding of the project before presenting the report. Make the presentation relevant to the audience by tailoring it to their needs.

2. Keep it Simple - Don't wrap the report with pointless details if you want it to be successful. Keep it brief and only cover the topics that require coverage. To avoid confusing the audience, stay away from complexity and technical phrases.

3. Use Visual Representation Tools - Use graphs, charts, and other visuals to strengthen your points. Visuals can speed up and improve the understanding of difficult content.

4. Better Communication - Effective communication promotes team collaboration. Team members can collaborate to address problems and reach accurate decisions by communicating project objectives, developments, and challenges.

5. Address Risks and Issues - Be open and honest about any risks or problems that could affect the project's budget or schedule. Describe a strategy for overcoming these obstacles and include any resources required.

6. Highlight Milestones - Celebrate accomplishments and highlight milestones that are achieved. It can help to keep team members motivated and interested.

What should be included in a Project Status Report?

You have learned about the significance of status reports in project completion. However, you should know what to include in these reports to curate one for your project. Let us dig deeper and understand.

General Project Info - Before you generate reports, you should know the fundamental details about the project. This information is also essential to keep the status reports sorted and easily understandable. The general project information includes:

• Project Name
• Project Manager Details
• Stipulated Time
• Project Budget
• Date of Report Generation

The general information may vary for different organizations depending on their specific requirements.

General Status Info - While recording the status, specify the time of project status, and what aspects you covered under it. If different signs are used in your status report, make sure you mention them in the general status information section.

Milestone Review - Milestone helps to identify how close you are to your outcomes in a project. You should check and review the milestones to understand whether project is on-track.  You can use it to identify the issues due to which the project may lag or your budget may exceed. So, reviewing milestones is important before the status report generation.

Project Summary - The project summary is the project overview under question, giving all the project-related information. It is essential to mention a summary in every project status report so that the reader gets all the information about the project.

Issues and Risks - In the issues and risks section, the problems your team encountered during execution before generating the project report is mentioned. Clear reasons for reach problem should be mention for better understanding and quick solutions. Furthermore, always keep a record of resolved issues so that you know what to do if a similar problem arises.

Project Metrics - Understand that project reports solve different purposes. Different readers may refer to the status report for varied purposes. So, it is significant to mention the project metrics of every project area.

Project Status Report vs Progress Report

Aspect	Project Status Report	Progress Report
1. Purpose	Provides an overview of the current status of a project, including overall health, milestones, and risks.	Focuses on the specific progress made on tasks or activities within a certain period.
2. Frequency	Typically generated on a less frequent basis (e.g., weekly, monthly) to summarize overall project health.	Often produced more frequently (e.g., daily, weekly) to track ongoing work and day-to-day progress.
3. Content Focus	Emphasizes high-level metrics, risk assessment, milestone achievement, and potential issues.	Details completed tasks, pending tasks, challenges faced, and next steps for ongoing activities.
4. Audience	Primarily intended for stakeholders, management, and clients who need a big-picture view of the project.	Mainly used by team members and direct supervisors to monitor day-to-day or week-to-week progress.

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Conclusion

Project status reporting is an essential part of project management. It helps stakeholders understand a project's status and locate any challenges or risks that can threaten its success. Project managers may give stakeholders clear and regular updates by using project status report templates, ensuring everyone is on the same page and working towards the same objectives.

By adhering to the aforementioned best practices, project managers may produce efficient status reports that keep stakeholders updated and their projects on schedule. KnowledgeHut's Project Management training program is the best choice for getting a professional certification and for knowing all the above-mentioned aspects of project management project status.