What is the importance of report?

Answer 1

The report is intended to report, to all interested stakeholders, the directors' explanations and interpretations of the profit/loss, the state of affairs of the group and any other matters which may be material for the stakeholders' attention.

Answer 2

While you are directing and managing the project execution, the work results and the progress toward creating the project results are generated. Just producing the results is no guarantee of success. Success is determined by the performance with which the results are being produced. You need to know the performance to keep the project on the right track. Furthermore, the stakeholders need to know with what rate, efficiency, and work quality the resources are being used to deliver the project output. For this, you need to collect the project performance data and use this data to make performance measurements while controlling the scope, schedule, and cost. You use this data and performance measurements to prepare performance reports, which in turn are used for distributing information and controlling risks.

Remember that, the stakeholders need to be aware of what is happening in the project and hence these reports must be shared on a timely/regular basis with all people who need to know the progress.

Performance reporting is the process of collecting performance information, putting it into the distribution format, and distributing it. Performance reporting, for brevity, is also called reporting and is focused on the following components:

• Project status - The current state of the project.

• Project progress - The progress made with some previous state as a reference.

• Forecast - The prediction of the progress in the future based on the progress in the past.