A project report template is a formal or informal report which provides a way to communicate the status of the project with management and stakeholders. It is a profile that contains the details of the project plan, its viability, estimation and execution. It is usually done at regular intervals throughout a project and a particular frequency is set between the stakeholders of your company, and the investors who are interested in investing in the business. A project report template is important because it manages the expectations of the stakeholders and provides them with the scope, time and the budget of the project. Moreover, it is prepared for future related tasks. For example, in business, it is used to assess the profit and loss one will have in the future, opportunities and future problems.

Importance of Project Report

To achieve the main aim of the entrepreneur, the project report is made. For example, the main objective of the project report is to increase sales in the future. A project report can be different in terms of usage. For example, the project can be bigger, or if the product varies, the project can be different as well. The success of any project relies on an accurate and valid project report.

What to Include in a Project Report?

The following things should be included in a project report;

• What is a project?

• Name of the project.

• Complete address.

• Name address and contact number of the entrepreneur.

• The nature of the product which is made by the business holder.

• Raw materials and who is supplying them.

• Labor wages and salaries.

• Personal capital of an entrepreneur or any financial loan.

• Market segment.

• Competition in the market relating to the product that is being made.

• Advertisement or promotion.

• Distribution channels.

Essentials of a Project Report

It explains the importance and key points in making a project report. If we do not apply these points properly in the project report, the business could come to a loss.

1. It should be kept in mind that the project shouldn’t be lengthy when we present it to our investors or stakeholders. If it is lengthy, the investor will lose interest in the report.

2. It’s essential to explain the project status in the book report, whether things are red, yellow or green. It gives an overall summary of the following things;

• Tasks that indicate whether they have been completed, whether they are late.

• It also provides information about your schedule. It also shows if you are ahead of schedule or behind schedule.

• It discusses the cost variance, which shows if you are over budget or under budget.

• It indicates the risk that may occur or have occurred in your project and how you plan to manage the risks.

• It mentions the issues and changes that are happening to your project.

3. Things that are mentioned in the project report we should talk about only. For example, in the same way if we are making a project report on increasing sales, we should talk about the ways of increasing the sales only.

4. The project report should be attractive and eye-catching for the investors or stakeholders. In a business environment, usually the main aim of a project report is to attract the investors in the business to invest in the venture for maximum profit only if it suits their criteria. Likewise, investment agencies invest in businesses as well.

5. It should identify the different projects in the portfolio where there may be any road blocks or issues.

6. It should mention the gaps for the resources to be re-assigned. They project may have some resources which are overloaded.

7. Timeframe is always kept in mind. For a project report that’s effective, then you want to make sure that the time being tracked is within the budget allowed.

8. Finally, you should look to make sure that the expenses are within the budget or maybe you have exceeded something.

Details of a Project Report

The information in the report should be valid, so the project manager needs to validate or have someone on the team validate the accuracy of the information in the report. One sure way a project manager can lose creditability right away is by producing reports with false information. A project report should always include templates; it’s a sure way to save time and effort.