Reports are a formalized way of effectively and regularly communicating the status of the project's progress. They play a key role in the project management process. Details provided in the reports are helpful in identifying and mitigating the risks that might lead to the failure of the project.
Reports act as a project health-checker and help managers to track any deviation from the agreed scope, time, cost, budget, and stated resource requirements necessary to meet the quality. These reports also act as reference documents as a part of the knowledge base that can be maintained and shared within an organization.
