Project management reports
Well-structured and regular project management reports constitute an important backbone of successful project monitoring during the implementation of the project. These reports will usually serve as an excellent basis for the project meetings (where an agenda should be structured around activities, reports, budget, etc.) to keep them short and efficient. For projects with virtual teamwork, the project management reports are vital.
Reporting Updates and Project Plan Modifications
Costs can fluctuate, especially in long-duration projects. These cost changes, as well as any other changes in the project plan, should be immediately reported and communicated to the project management team, as well as the sponsors, as soon as they are observed. These cost fluctuations may include promotions of internal staff with higher rates, or changes in external contractors to a higher contract rate.
Depending on the specific tools used by the project management team to maintain the project plan, multiple “what if” scenarios will likely have been done before the acceptance of any scope changes. This is the most effective way to determine the impact of the scope changes on the project schedule and costs before actually approving the changes.