A performance report is a report which reflects the performance of something. They are produced by government bodies for projects which are financed by public money to reveal that the money was spent rightly and usefully.
The key elements to be included in the performance report are:
Status report: As understood by the name, the status report discloses the current performance status. It declares that where the project stands with respect to performance.
Progress report: This type of report declares accomplishments since the last reporting time.
Forecasting report: The expected results on the basis of performance are drafted in the forecasting report. The level of performance in the future is determined.
Trend report: This report provides a comparison of the current performance of the project with respect to the last performance of the same. The time duration for which the comparison is made tends to be the same.
Variance report: This report gives a comparison between the achieved performance and the expected performance of the project.
Earned value report: This report gives an analysis of the scope and cost measures of the project using the earned value techniques in management.
Benefits of performance report: If we look at the benefits of performance report we will get to know that they are many in numbers but to detail a few, we will start by organizing them.
The performance report benefits the stakeholders as it is mandatory for the government to publish the performance report as the law binds it to do so. On the basis of the report, one can hold people accountable for their acts as the current status of the report is communicated to all in order to detail them their invested money is being used well.
On the basis of which, people can shape their decisions on whether to finance the project in the future or not as decisions are made on the basis of provided pieces of evidence. The performance report provides transparency with respect to each element of the project.