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In this article
Published 12 May 2026
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4 min read
A project status report template helps track and document the progress of a business project. Project managers prepare these reports to assess key factors such as time, quality, and budget by providing an overview of completed tasks, upcoming actions, and the current project status.
A RAG report is a type of project status report that uses color coding to show project health at a glance. Red means there's a critical issue that needs immediate escalation. Amber signals a problem the team can still manage. Green means everything's on track. It's a quick, visual way to keep stakeholders aligned.
The purpose of project status reports is to ensure that objectives and deliverables are being met and that key stakeholders are kept informed. These reports can be done daily, weekly, or monthly throughout the life cycle of a business plan. Here are the top 5 benefits of using project status reports in your organization:
Develops a good communication system within teams;
Keeps stakeholders informed and updated about the progress of the project;
Streamlines reporting processes;
Enables actions to be taken on risks and potential hazards identified; and
Improves support systems needed to achieve goals
While formats can vary by team or industry, there are core elements that ensure your report gives stakeholders a complete, consistent picture of where things stand. A thorough project status report covers the following:
General project information: Includes the project name, people involved, timelines, location, and project owner to set the context upfront.
Project metrics: Numbers that measure progress against goals. These should be defined during the planning stage for consistent tracking.
Issues, risks, and problems: A log of issues detected, their severity, project impact, and recommended actions or solutions.
Milestone review: A record of major project phases completed, showing meaningful progress beyond individual day-to-day tasks.
Project status: An overall health rating using the RAG system (Red, Amber, or Green) across key areas like budget, quality, and timeline.
Project summary: A brief wrap-up of progress made, costs incurred, outstanding issues, and recommended next steps.
Step 1: Define your reporting purpose and audience. Get clear on who this report is for and what they need to know. Leadership needs a high-level overview, while the delivery team benefits from detailed task updates and next steps.
Step 2: Set up your KPIs during the planning stage. Agree on the key performance areas before the project kicks off. Setting these early makes your reporting meaningful and comparable across periods.
Step 3: Use a standard template for every report Using the same template each time makes it easier for stakeholders to scan and act on. It also significantly reduces prep time.
Step 4: Gather your data and fill in the report.Pull the latest updates across tasks, milestones, budget, and risks using your project monitoring and control process. Stick to what's relevant; if a stakeholder wouldn't act on the information, it probably doesn't belong in the report.
Step 5: Assign your RAG ratings. Rate each key performance area using Red, Amber, or Green. The value of the RAG system comes from its accuracy, so make sure to provide an honest evaluation.
Step 6: Review for accuracy before sending. Cross-check all figures against your project tracking tools. Inaccurate data, even if unintentional, can erode stakeholder trust quickly.
Step 7: Share the report and keep the communication going.Distribute through a consistent channel so stakeholders always know where to look. If you have a status meeting, use the report as the agenda to keep the conversation focused.
See what a completed project status report looks like in practice. Use the sample below as a reference when filling out your own report for the first time.
Byblos Constructions cut report compilation time by 50% and saved 20–30 hours weekly after ditching paper-based project reporting for SafetyCulture across 8 remote mining sites.
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