Types of Business Reports by Quantim

Any change of activities in one project can affect the cost and resources available for other projects or the organization as a whole. That said, analytical technologies help project managers break down complex project data into manageable parts. As a result, organizations can predict future outcomes in real-time while keeping projects on schedule and budget.

Feasibility reports determine whether a project is economically, legally, and technically viable. Simply put, these reports give organizations a clear picture of whether a project is worth the investment or not by listing the positive and negative impacts associated. Feasibility reports are also extremely useful in matters of planning and defining project goals.

Also known as project status reports, progress reports offer a great avenue for project managers to track their project's progress. These reports are either prepared daily, weekly, monthly, quarterly, or yearly. Depending on the project length, weekly and monthly reports help an organization identify any foreseeable risks and efficiently handle any cost management challenges.

Conference reports are summarized documents prepared by a designated representative to share the information discussed during the conference. These reports list the meeting's goals, key speakers, what was discussed, how the information applies to the project or organization, etc.

Timely project completion isn't possible without time tracking reports. An organization's staff are the heart of every project. They play a vital role in seeing projects through, from design to implementation, leading to a company's profits.

Resource reports are crucial for all projects as they provide the company with a clear overview of all resources entailed in a project. They are also helpful in predicting problems before they occur and ensuring transparency in the planning and management process.

Business intelligence refers to a combination of strategies used by organizations to make data-driven decisions. Some of these strategies include data mining and visualization, business analytics, and infrastructure, among other business practices. Business intelligence also helps companies compare historical data with current data, thus allowing business forecasting. Essentially, business intelligence reports have numerous advantages to the company. Some of these include increasing workflow speed, cost optimization, improving data quality, streamlining procurement processes, among others.

Early financial forecasting is vital for every business venture. Forecasting reports ensure seamless project functioning while promoting room for new business ventures and initiatives. Progress and analytical reports form the basis for growth reports. Through intensive analysis, project managers can determine whether the ongoing projects are still on track to achieving the organization's growth goals as planned.

Modern project managers are expected to complete projects according to set time and budget and ensure an organization's long-term financial success. That said, project managers are nowadays expected to be financially savvy to execute all responsibilities bestowed on them using a budget planner, among other software. They also contribute to shareholder value by understanding the company's cash flow and how each project fits into it.