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Project status reports are timely updates on the progress of your projects. A project status report is a document that describes the progress of a project within a specific time period and compares it against the project plan.A project status report is a document that regularly tracks and communicates how a project is progressing against your formal project plan. Learn the key parts of a project status report, different types, how to make one, and what to avoid. Then use our template to quickly create your own! Project status reports are clear and timely updates about the status of any project. Status reports are regular updates sent to management and teams to understand the status of projects, any issues, and milestones achieved. Get a stepbystep guide to creating a status report and start using our free status report template today to keep stakeholders in the loop. Get a stepbystep guide to creating a status report and start using our free status report template today to keep stakeholders in the loop. "The main aim of a status report is to escalate risk and issues with stakeholders and get visibility for the accomplishments of the project team.