1. Progress Update Reports

“Can you provide that update in the next hour?” This is a common request that project managers often encounter, whether from project sponsors, team leaders, or colleagues. Progress update reports are among the most frequently created project reports and stay organise at work ones you’ll find yourself preparing the most. 

These reports can be created on a weekly or monthly basis, depending on the project’s pace and requirements. During the execution phase, daily updates may even become necessary if the project’s tasks are short-term and require frequent check-ins. However, daily reports are less effective if the tasks span multiple weeks, as there won’t be significant changes to report on a daily basis. 

Given that creating these reports can be time-consuming, it’s wise to find ways to streamline the process. Consider automating aspects of your reporting where possible. Utilize a standard report template or the one integrated into your project management software. By leveraging data from your scheduling tools, you can automatically fill in sections of the report. Even if you need to adjust the content afterward, this automation can save you valuable time and effort. 

2. Project Performance Report 

A key report you will create during the lifecycle of a project is the performance report. This report provides an update on the project’s status, focusing on whether it is staying within the planned schedule and budget. It serves as a vital communication tool to keep stakeholders informed about the project’s progress. 

When crafting a performance report, it is essential to be precise and data driven. Include a brief introduction with the project title, contact information, and a concise summary of the project’s status. Additionally, provide details on the schedule, costs, and the projected timeline for completion. 

While project management tools can help generate these reports, utilizing templates can make the process more efficient. For example, Timesheet 365 offers a free performance report template that includes all the necessary sections. This template helps you provide a comprehensive overview of the project’s status, including schedule and cost analysis, as well as identifying any potential risks. It also allows you to assess whether the project is on track or facing delays, and it breaks down the progress of individual tasks for more detailed insight. 

3. Risk Assessment Report 

Project managers often prepare risk reports on a monthly basis, typically following a risk review meeting. While the risk register can be updated at any time, it’s important to encourage all team members to contribute potential risks as soon as they arise. This proactive approach helps keep the risk log current and comprehensive. 

A risk assessment report should provide a clear summary of the project’s risk profile. The format and depth of the report may vary depending on the project’s needs, but a good practice is to highlight only the most critical risks that could significantly impact the project. For less critical risks, it’s helpful to provide a brief overview of how they are being managed to ensure transparency without overloading the report with less impactful issues. 

 
You may also need the option to generate a comprehensive report covering all identified risks, no matter their level of significance. The most efficient way to achieve this is by using an automated report feature in your project management software. Alternatively, if you maintain your risk log in a different format, such as a spreadsheet, you can simply export and share the full document to provide an overview of all risks associated with the project. 

4. Executive/Board-Level Reports 

When preparing project reports, it’s essential to tailor the content for your specific audience. The report for the project board, for example, will differ significantly in detail and focus compared to the regular status updates provided to your project team or other business stakeholders. 

For board-level reports, keep the focus on high-level information that matters most to the decision-makers. Highlight key areas such as critical issues where they can offer assistance, an overview of the budget status, and progress toward key milestones. 

It’s important to present the report in a format that is easy for the board members to read and access. If your executives are often traveling and checking emails on their phones, avoid using complex spreadsheets or large graphics that could be difficult to view on mobile devices. A PDF format is an effective way to ensure the report is accessible across different devices, or alternatively, you can provide board members with licenses to access real-time dashboard reports directly from their mobile devices. 

5. Return on Investment (ROI) Analysis Report 

When evaluating the feasibility of a project, one crucial report to generate is the return on investment (ROI) analysis. This report helps you assess the potential benefits or opportunities a project offers compared to the required investment. It’s a vital tool for determining whether the project aligns with your organization’s business objectives. 

This analysis is essential for understanding the value of the project and whether it justifies the resources it will consume. It also provides documentation that supports the decision to move forward with the project. Through ROI analysis, you can track expenditures and ensure proper allocation of funds. 

The report will detail both the anticipated costs of the project, and the expected benefits once completed, giving you a clear picture of its financial viability. Timesheet 365 offers a free ROI analysis template in Excel that allows you to input your project’s quantitative costs and benefits, helping you make an informed decision about whether to proceed with the project. 

6. Team Allocation Reports 

How can you track who is assigned to which task and when? You could manually review the entire project plan and calculate resource allocations, but that would be a time-consuming process. Instead, leveraging project management software can automate this task for you. Whether you use standalone Gantt chart tools or full-featured project management software with integrated timesheets, most platforms offer the ability to generate team allocation reports. 

A team allocation report provides a detailed view of which team member is assigned to each task and on which day. It’s especially useful for identifying potential resource over-allocations, where a team member is scheduled for multiple tasks at the same time. Since one person cannot work on two tasks simultaneously, failing to catch these conflicts could cause delays in your project timeline. By using the team allocation report, you can spot these issues early, adjust schedules accordingly, and keep the project on track. 

 
In general, team allocation reports are incredibly valuable tools for project managers, though they may initially seem challenging to interpret. Taking the time to familiarize yourself with how to read and analyze these reports is essential. Once you understand them, you’ll be able to make informed adjustments to your project schedule and manage resources more effectively, ensuring smooth project execution 

7. Project Deviation Reports 

How can you assess if the project is on track? That’s where a deviation report comes in: it compares the planned outcomes with the actual results, providing a clear metric to determine whether the project is progressing as expected, ahead of schedule, or falling behind. The deviation report organizes and presents the data for comparison, whether it’s the budget, timeline, or scope of the project. This report is crucial for conducting a variance analysis, which measures how much the project has deviated from its original baseline. 

There are different types of deviation reports, such as cost deviation, variance at completion (showing whether there’s a budget surplus or shortfall), and schedule deviation, among others. These reports are particularly useful for financial analysis, trend tracking, and expenditure monitoring. 

For project managers, deviation reports provide valuable insights into the project’s progress, enabling them to make data-driven decisions regarding resource allocation. Stakeholders also find these reports useful, as they offer a straightforward way to gauge the project’s status and whether it is staying within its planned schedule and budget. 

8. Performance Gap Analysis Report 

Whether you’re overseeing a project or striving to advance your business, a performance gap analysis report is essential to identify how to bridge the gap between where you are and where you want to be. This report helps you determine if expectations are being met and if resources are being utilized efficiently. 

The performance gap analysis report assesses the current state of a project or business in terms of time, cost, and effort, then compares it to the desired outcome or target. By identifying the gap between the two, you can develop a clear action plan outlining the steps required to close the gap. 

Timesheet 365 offers a free performance gap analysis template in Excel, which includes fields for documenting both your current and target states. You can calculate the percentage of the gap that needs to be closed, list the actions required, assign responsible individuals, and track the progress of each task. 

9. Task Distribution Report 

Your team is your most valuable asset, so it’s crucial to ensure they are working efficiently without being overwhelmed. This requires a clear view of their workload to identify whether they are underutilized or overburdened. A task distribution report helps you monitor this balance. 

Workload management reports track how many tasks each team member is assigned. With these reports, you can assess whether tasks are evenly distributed across the team. If not, you can redistribute tasks to ensure a fair workload. This not only boosts productivity but also improves employee satisfaction by preventing burnout. 

Effectively delegating tasks based on the report helps managers avoid missed deadlines and subpar work quality. Timesheet 365 offers detailed workload reports and a color-coded workload chart that highlights over-allocated team members, making it easy to reassign tasks directly from the chart. 

10. Work Hours Report 

A key tool for managing your team effectively is the work hours report. This document tracks the number of hours each team member spends on their assigned tasks over a set period. The work hours report helps monitor the time invested in various activities throughout the project. 

These reports are essential for time management, offering insights into both the hours worked and progress on tasks. They promote accountability among team members, encourage collaboration, and provide project managers with a clear overview of time-related costs. Timesheet 365 offers a free work hours template in Excel to help you get started with tracking and managing your team’s time effectively. 

11. Project Financial Report

The project budget represents the financial resources allocated to complete your project. When setting the budget, you aim to make a precise estimate to avoid the need for additional funding requests. If additional funds are required, you may end up needing to adjust the project’s scope and timeline, which is not ideal. 

To ensure you stay within your financial limits, a project financial report is essential. This report tracks your expenditures over a specific period, allowing you to compare your planned budget against the actual spending. It’s a powerful tool to monitor and control your project’s finances. 

To help you manage your budget effectively, use our free financial report template in Excel. This template helps you track project tasks, along with labor and material costs. It even includes a column to compare your projected budget with actual expenses, providing a clear view of your financial status.