Reports are arguably the most valuable tool available to project teams and stakeholders. Below are just seven benefits of project reporting. And believe me, there are many more where these came from!
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7 Benefits of Project Reporting
1. Tracking
Our first project reporting gem is tracking. Reporting allows you, your team, and stakeholders to track the current progress of the project against the original plan. Some items to track include Tasks, Issues, Risks, budget, schedule, and overall project health.
2. Identifies risks
Identifying risks is a key step to better projects. With the right reports, you can spot a risk early on and take action, or ask your project stakeholder for help. Reporting on risks also makes it easier for the team to work on the problem.
3. Cost management
Cost management is tricky. But with regular reporting, it’s easy to view your expenditure clearly and manage your budget with full visibility.
4. Visibility
One aspect of project management we are often asked about is visibility. Reporting increases the amount of visibility into your projects and will give you full insight into how your project is performing, be it good or bad.
5. Control
Reporting puts you in control of your project. It allows you to see the progress, stagnation, or regress of certain elements, how team members are performing, and the quality of work completed.
6. Learning
Information provided by project reporting on completed tasks can inform future actions. For example, you may figure out that project communication was an issue and make changes to the communication plan for your next project.
7. Drives project success
If there’s an element of your project that requires reporting, people report on it. If there’s an element that doesn’t, people obviously don’t. The knock-on effect? That neglected part of your project falls by the wayside and you and your team are not working as efficiently as you could be.
Editor’s Note: This post was originally published in December 2015 and has been updated for freshness, accuracy, and comprehensiveness
