Status report

Status report - important part of both project communications and management strategy, it's role is to update your supervisors, stakeholders or members of project team about ongoing progress. In finance, status report requires company to detail other comprehensive income and it's ingredients.

Different sorts of reports

There are many kind of reports being used in various departments. The most important are:

• Financial status reports (financial statements) - final product of accounting, consisting of all important financial informations made in period of time, that every business entity has to create. It is usually annual. The pivotal financial statements are: cash flow statement, the statement of income and balance sheet.
• Statement of accounting policies - one of the most important part in studying financial reports, which have to be complied with both legislative acts and standards of accountancy.
• Integrated reports - representative of non-financial reporting.
• Reports of foundations - additional source of information in financial statement of foundation. Besides fiscal information, it also o consists of things like the mission of foundation, presents data on its progress, or which goals were met, and where it fell short.
• Medical Case report - includes all sorts of symptoms and signs together with diagnosis, treatment, and impact of a particular patient.
• Parental report - usually used for teen HPV vaccination status, however it might be subjected to bias.

The purpose of status reports

Similar to how status reports differ in types, the functions also are distinct. Reports of foundation, for example, sums accomplishments of foundation to pursue statute goals, for which the foundation was made for. General financial report's purpose is for investors, lenders, creditors, potential investors (both local and international) clients, government and associates to rely on it while making decisions, that affect their economic safety. In conclusion, financial statements must be useful and reliable.

Examples of Status report

1. Project Status Report: A project status report is an update on the progress of a project. It will include details such as the project's current status, any risks and issues, any accomplishments or milestones achieved, and what the next steps are.
2. Financial Status Report: A financial status report is a report that provides information on the financial health of a company. It typically includes details such as the company's income, expenses, assets, liabilities, and cash flow.
3. Quality Status Report: A quality status report is a report that provides information on the quality of a product or service. It typically includes details such as the number of defects found, the number of customer complaints, the number of quality issues, and the overall quality score.
4. Employee Status Report: An employee status report is a report that provides information on the performance of an employee. It typically includes details such as the employee's attendance, productivity, performance, engagement, and feedback.

Advantages of Status report

A status report is a valuable tool to help keep projects on track and ensure that all stakeholders are kept informed of progress. It is an important part of both project communications and management strategy. The following are some of the advantages of status reports:

• They keep stakeholders informed of the project’s progress, allowing them to make informed decisions.
• They enable project managers to monitor the progress of tasks and identify any areas that need attention.
• They provide a means of tracking resources and materials used on the project.
• They provide a timeline of activities and milestones, helping to ensure that tasks are completed on time.
• They offer valuable insights into the project’s financial performance.
• They provide a platform for sharing information and feedback with other members of the project team.
• They enable the project team to identify any potential risks or issues that may arise.

Overall, status reports are an effective way to stay organized and up-to-date with project progress, allowing for better decision-making and improved communication with stakeholders.

Limitations of Status report

A status report is a useful tool for keeping people informed about the progress of a project, however, there are some limitations that should be taken into consideration. These limitations include:

• Lack of detail: A status report may not provide enough detail to understand the project’s progress in depth.
• Outdated information: If the report is not updated regularly, the information may quickly become outdated and inaccurate.
• Misinterpretation: Without clear context, readers may misinterpret the information in the report.
• Unclear objectives: Without clear objectives, it can be difficult to assess the progress of the project.
• Unclear timeline: Without a timeline, it can be difficult to understand the progress of the project.
• Lack of metrics: If the status report does not include metrics, it can be difficult for readers to assess the progress of the project.

Other approaches related to Status report

A status report is a key piece of both project communications and management strategy. Other approaches related to status reports include:

• Tracking of project tasks and milestones: This involves documenting key tasks, their progress, and any issues or obstacles that may have arisen. This helps to keep the project on track and to ensure that any potential risks are identified and mitigated.
• Reporting of financial data: Status reports can include financial data such as budgeting, cost tracking, and expenditure reports. This helps to ensure that the project is managed within its budget and that any discrepancies are addressed.
• Reporting of customer feedback: Status reports can also include customer feedback, such as customer satisfaction scores or customer complaints. This helps to ensure customer satisfaction and to identify areas where the project may need improvement.
• Reporting of team performance: Status reports can include a summary of the team's performance, such as the number of tasks completed, the number of hours worked, or the number of tasks that have been delayed. This helps to ensure that the team is performing at its best and that any potential problems are addressed.

In summary, status reports are vital for both project communications and management strategies. They can include financial data, customer feedback, task tracking, and team performance, all of which help to ensure that the project is managed effectively.

Footnotes

Status report — recommended articles

Origins of controlling — Account format — Statement of affairs — Final project report — Project sponsor — Aged debt — Value added statement — Measures of success — Effective system of control

References

• Barrett D.C. (2018), Understanding Project Management: A Practical Guide, Canadian Scholars, Toronto
• Griffin M.P. (2015), How to Read and Interpret Financial Statements: A Guide to Understanding What the Numbers Mean to You, AMA Self-Study
• Hindley B. (2016), Thriving People. Vibrant Places. A Five-Year Progress Report from the Boston Foundation, Boston Foundation, February 2016
• Martinelli R. J., Milosevic D. Z. (2016), Project Management ToolBox: Tools and Techniques for the Practicing Project Manager, John Wiley & Sons, Inc., Hoboken
• Project Management Institute (2013), A Guide to the Project Management Body of knowledge: (PMBOK Guide) - 5th Edition, Project Management Institute, Inc., Pensylwania
• Sneidere R. (2008), Accounting Policy and Quality of Financial Statements in Latvia: Analysis and Assessment", Transformations in Business and Economics, Vol. 7 Issue 3, 2008

Author: Bartłomiej Bargiel