Companies need a project management report to know how their campaigns are currently doing. When you’re still in college, your report card will generally determine whether you’re doing good on a subject or if you need improvement.
Employees who join the ranks of national corporations are faced with another kind of report where they record the current expenses of the business, feasibility studies, and other essentials that they need to know to track the progress of the project that they are working on. See more about these reports on this page here.
Bad status reports will mean that nobody has an inkling about what the terms mean, and they are all reading about pointless data. There’s no information about when the work was done, but a well-crafted statement will mean that there are insights on charts that are easy to understand and there’s an overall overview of the work being done.
Why Do Companies Need Progress Reports?
At first, everyone might think that these records are just time-tracking tools that determine who is working on what, but it’s generally more in-depth than this. It’s essentially about knowing about the goal of the project, the scope, the challenges that each member encounters, and the financial aspects of these campaigns.
It’s a lot of time for many managers, and most of these reports may face some problems at some point. However, know that they can still be considered helpful as the companies are getting more into complex expansions, and it’s always a good idea to keep everyone in the loop as the developments progress.
Transparency in the project will mean that the stakeholders and managers are going to know the deadlines of each task and whether some are behind their schedules. It’s also a good idea to align everything and put them into one place so everyone is aware that these people are responsible for finishing those specific objectives.
Constant improvements, stopping the scope creep, and keeping within the budget are just the tip of the iceberg. There are a lot of benefits for companies that are transparent in what they do and ensure that everyone is communicating efficiently and speedily. Some of the inclusions that are often expected in these reports are the following:
Inclusions of a Well-Made Report
Current Milestones and Deadlines to Be Met
Specific dates are assigned for each task, and this is where a project milestone is created. For example, a marketing team is required to produce three videos each month to be posted on various social media platforms like Facebook and YouTube. So, what’s the process of creating them?
For one, a script is created to determine what these vlogs are about. Hiring the actors is also part of the plan, as well as setting a date to film. On a specific software, each of the work required is going to be a milestone with its own budget and deadline. Hitting them will mean on-time deliveries, and it’s going to keep the project on track.
Spreadsheets and visual charts may also be created to include the owner or the one responsible for these projects, including the progress percentage, status, and the actual costs.
Financial Aspects of the Project
Approval of a large number of projects is a very tricky part. You can get more tips to write a great project management report at the link provided. Meanwhile, costs like project expenses, billable hours, and labor costs are all included, and everyone can start to key in their tasks and the hours worked on that specific date.
Setting the budget for Samantha to work on the production of a video will have an estimated cost of $600 for four hours. However, she was able to complete everything, and ensure that the final footage is seamless but worked five hours. The charge was $750 and this means that this specific item’s budget is not meeting the actual costs.
Time-tracking software can also be a good alternative where a manager can keep tabs on the billable hours. Reporting this information is going to help with making adjustments whenever they are needed, as well as manage the overall costs that are being spent on the project. Learn more about the software here: https://en.wikipedia.org/wiki/Time-tracking_software.
Inclusion of the Resources
Project managers will need to maximize the funds, time, and manpower that were allocated to them in a specific campaign. However, it’s still best to know if these resources are enough, and knowing the capacity of the team can be very helpful.
Visualize the workload of each individual, as well as what’s being done each day. A comparison of each user’s working hours will also be very helpful for the company to ensure that they are employing the right people to do the job and to prevent delays.
Dashboards can offer a comprehensive overview of the billable utilization percentage that’s available for each team member. Knowing whether the supervisor needs to hire more or put other people in a different department can result in the overall success of the campaign. Software programs can also uncover more work that’s outside of everyone’s scope, so they are definitely an excellent addition to a company.
