Project Status Reports
Project status reporting is the process of tracking and recording the progress of an ongoing business project or plan. Project status reports are completed by project managers evaluating key areas such as time, quality and budget. These reports fundamentally show a summary of the tasks accomplished, to-dos and the current status of the project.
This article covers 1) 5 benefits of using project status reports; 2) understanding the RAG status rating system; 3) technology that can help streamline your reporting processes; and 4) project status report templates you can download and use.
Go directly to download digital project status report templates.
5 Benefits of Using Project Status Reports
The purpose of project status reports is to ensure objectives and deliverables are being met and 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
Understanding the RAG Status Rating System
The RAG status is an essential part of completing a project status or progress report. RAG stands for red, amber and green. Each color indicates the current status of a key performance area, which typically covers quality, timing, budget and scope.
- RED - this color indicates that the project has identified significant issues and roadblocks which can not be handled by the project manager alone. These issues need to be escalated to project sponsors or project board for corrective actions to be implemented immediately.
- AMBER - this color means that there are still problems being encountered but can be actioned by the project manager and the delivery team. With this, the project board still needs to be updated and notified regarding the matter.
- GREEN - this color shows that the project is now running smoothly and that all aspects are within tolerance.
Choosing the Right Technology for Project Status Reporting
Project status or progress reporting requires consistent recording and delivering of key messages concerning the status of the project. Paper-based reports are often misplaced or require additional effort to prepare the document.
A digital solution like iAuditor can replace paper method statements with a mobile app. Complete reports on the spot with the use of your hand-held device and validate audits by gathering electronic signatures faster and easier. All completed method statements are automatically saved online - no more lost paperwork.
Get started by downloading these free and customizable project status report templates.