Management reporting (MR) is the collection of operational information and business data from various departments within an organization and the presentation of operational knowledge and business data in a way that allows managers to make informed business decisions. For your project management office (PMO) to define and maintain standards for project management, it needs management reporting. Below, we explain why weekly management reporting is essential for your PMO.
1: Early Problem Detection
Weekly management reporting can help your PMO identify problems before they morph into costly or time-consuming issues. When problems are identified early on, your PMO office can address them promptly and prevent the work environment from becoming hostile or toxic.
2: Improved Decision-Making
Weekly project management reporting can help your PMO get a better sense of direction since management will not rely on their knowledge and experience but on business data. Not only does this eliminate uncertainty, but it also helps managers make informed business decisions based on reliable data.
3: Increased Productivity
One way your PMO can increase productivity is through weekly project management reporting. Project management reporting reduces the likelihood of duplication of efforts. It also stores data in the form of automated reports, which, in turn, saves time since employees do not have to search through piles of paperwork. Since employees spend less time performing tasks, they can focus on other business areas, making them more productive.
4: Improved Customer Focus
Customers want to know whether their issues are being voiced and what management is doing to address them. Weekly project management reporting allows managers to identify the most pressing customer issues and address those issues in the shortest time possible. Weekly management reporting also presents more data about customer needs, allowing management to improve customer service and win big with customers.
5: Better Communication, Cooperation, and Organizational Peace
When upper management (for example, CEOs, COOs, Presidents, and Vice Presidents) and lower direction (for example, junior managers, supervisors, and foremen) have access to the same information, they can communicate better, identify problems faster, and find mutually acceptable solutions. Moreover, weekly management reporting increases cooperation and organization peace. With access to the same data, upper and lower management can understand each other better. This leads to less friction and results in organizational peace.
6: Weekly Project Management Reporting Improves the Cost Efficiency of Your PMO
Weekly management reporting can decrease costs and increase revenue. Having relevant data at your fingertips every week puts your PMO in a position where it can change business processes to work in better ways. This, in turn, improves your PMO’s bottom line by improving efficiencies and decreasing procurement costs.
Weekly Management Reporting is Vital
Weekly management reporting is essential for any PMO interested in improving its performance. Without weekly management reporting, managers often find themselves using a cut-and-try approach to problem-solving and decision-making instead of solving problems and making decisions based on the careful assessment of data. Moreover, without weekly reporting, upper management and lower management are often at loggerheads because they cannot communicate effectively or work cooperatively with each other. Start practicing weekly management reporting today: your PMO will thank you.
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
