The process of reporting performance includes collecting, analyzing and distributing performance information to compare the baseline and actual data for the purpose of communicating the project progress and performance and forecasting the project results. During the process, both simple and detailed performance reports may be created and submitted to the concerned and permitted audience on a regular or exceptional basis. Performance reports can show percentage complete; analysis of past performance; current status of risks and issues; work completed or to be completed; summary of changed applied; etc. Complete performance reports should include actually completed project work and forecasted project completion.
If to be more specific, the following components should be included in the final performance report on the project communications management plan:
- Current deliverables status with reference to the schedule progress and costs incurred.
- Comparisons between actual and planned values related to technical performance, cost performance and schedule performance.
- Performance report formats and templates.
- Policies and rules applied to creation of the performance report.
- Measures and indicators to be used in the report.
- Communication methods and techniques used during the project managing process.
- Variance analysis that allows identifying the difference between the baseline and actual performance. Variance analysis includes information on the project quality, the resources consumed, the working time spent. The analysis also lets define the impact of the variances.
- Forecasting methods that allow considering time, casual metrics, intuitive judgment and other information to estimate future outcomes.
- Reporting system for capturing, storing and distributing performance reports.
Performance reports are used to generate change request and analyze lessons learnt. The process of reporting performance may cause changes to the project, and it is used to make recommendations, as such as:
- Recommended corrective actions include solutions to take into account actual project performance and add changes to project documentation to achieve the performance stated in the project management plan.
- Recommended preventive actions include solutions to be used to reduce the likelihood of incurring negative project performance in the future.
- Identifying project stakeholders
- Planning communications and distributing information
- Managing stakeholder expectations
- Reporting communication performance