Project Management Monthly Reporting Procedure & Formats

By | December 6, 2019

1. Purpose

The purpose of this procedure is to provide a standard monthly project report formats and guidelines, which facilitate the accurate and regular reporting of a project’s progress and status to senior management. The contents of the Monthly Project Report represent the minimum reporting requirements.

2. Scope

This procedure is applicable for all projects of the company.

3. Other References

Cost and Revenue Control

Subcontractor / Major Supplier Management

Project Forecasting

Project Monthly Report Template

4. Definitions and Abbreviations

As applicable.

5. Roles & Responsibilities

The following personnel have responsibilities mentioned in this procedure:

Project Manager / Project Director (PM/PD)

Project Commercial Manager (PCM)

Managing Director (MD) / Deputy Managing Director (DMD)

General Manager

6. Project Report Procedure

6.1     Monthly Report

All PD’s are required to complete and submit Project Monthly Report Pack, which, as a minimum, shall include the following sections.

6.1.1 Dashboard

A one-page snapshot of key financial and other data “to date‟, movement in the period and “as forecast‟ at the end of the project together with a brief narrative on major issues

6.1.2 Executive Summary

Comprises “mandatory‟ requirements for key financial data (margin, movement, explanation, key assumptions and major risk and opportunity issues) together with a “prompt list‟ of other issues that may affect project outcomes (for inclusion of a brief narrative on a “by exception‟ basis)

6.1.3 Contract Valuation and Forecast at Completion Report

A report showing budgets, commitments, forecasts and variances at the individual cost code level. This report provides the detail behind the overall forecast as shown on the Dashboard and the Contract Valuation Summary.

6.1.4 Risk and Opportunity Assessment Summary

a) A spreadsheet for the capture of possible factors that may impact the project and thereby the forecast final margin either negatively (risks) or positively (opportunities). The commercial impact of each factor is assessed and the totals expressed as a possible range of outcomes (+/-) either side of the reported “most likely” final margin.

b) This provides a “sensitivity analysis‟ of the reported final margin and identifies/prioritizes issues for project management attention. On the basis that the Project cost forecast has been done on the “most likely” basis, this assessment should only include the following categories of issue:-

i. those which have been included in the cost forecast at a certain assessed value but which may be subject to relatively significant volatility or change (+/-) in the future; and

ii. those which are not included in the cost forecast but which are “out there in the ether” and may have a significant effect (+/-) on the project’s forecast final margin

6.1.5 Program Status Summary

This generally comprises:

i. Original contract time detailsproject report procedure for detailed project reporting

ii. Status of Extension of Time claims

iii.     Approved and Forecast Completion Dates

iv. Status of Critical Program Activities in the Period (planned v actual)

v. Overall Program Position (+/- days)

6.1.6 Project Cash Flow Report

A report that requires the Project Team to allocate its forecast “cost to go” and its forecast revenue over the balance of the project duration to give a net monthly forecast cash position.

6.1.7 Project Flexible Budget Report

A report that requires the Project Team to forecast the payment applications to the Client over the balance of the project. The external value is netted down to provide an internal value and it then compared to the “cost to date‟ to establish the profit/loss on the project.

6.1.8 Main Contract Variation Summary

A report that details all Main Contract variations on the Project, their submitted/estimated values and actual/assumed final values together with their current status (i.e. approved, rejected, disputed, submitted but not approved, yet to be submitted).

6.1.9 Contractual Claims Summary

A report that details all Main Contract contractual claims on the Project, their submitted/estimated values and actual/assumed final values together with their current status (i.e. approved, rejected, disputed, submitted but not approved, yet to be submitted).

6.1.10 Labor Productivity Report

a) A report that details productivity of labor (compared to the original budget allowances):

i. in the period;

ii. cumulative to date; and

iii.     as forecast at completion

iv. and facilitates forecasting of final costs.

b) This report must be reconciled to the Total Labor Cost and the Total Man hours (as per the Payroll) for the project to date.

6.1.11 Applications and Payments Summary

A report that details monthly and cumulative information in respect of Monthly Statements/Applications and Certificates under the Main Contract (including dates, values and variances).

6.1.12 Subcontractor/Supplier Procurement Summary

A report that monitors subcontract/major supplier key issues including program vs actual letting dates, letting gains and losses, provision of bank guarantees/retention/insurances, completion of defects, resolution of final accounts and execution of deeds of release.

6.1.13 Subcontract/Major Supplier Liability Report

A report that tracks payments to date and assessed liability/forecast final cost for all subcontractors/major suppliers on the project

6.1.14 QHSE Summary

A report that summarizes key quality, safety and environmental issues (statistics, non-conformance reports, formal notices received, etc.) for the period and cumulative to date.

6.1.15 Margin Reconciliation Form

A report that requires the PD, GM and MD/DMD to complete sections 1, 2 and 3 respectively in order to provide traceability and reasons for any differences between the Forecast Final Margin as reported by the PD and that included in the Divisional Monthly and Company Management Accounts.

6.2 Supporting Information

a) In addition to the above, the PD/PCM must have available details of all figures, calculations and assumptions included in the summary schedules comprising the standard Project Monthly Report and be able to readily provide this information in support thereof as and when required by Senior Management Guidelines for the major commercial components of the forecast have been included in the relevant Commercial Procedures.

b) Corresponding standard schedules, registers and guidelines in respect of non-commercial components of the Report are also included in the relevant procedures for QHSE, Planning etc.

7. Related Records / Project Reports
  • Dashboard Report
  • Executive Summary
  • Contract Valuation and Forecast at Completion Report
  • Risk and Opportunity Assessment Summary
  • Program Status Summary
  • Project Cash Flow Report
  • Project Flexible Budget Report
  • Main Contract Variation Summary
  • Contractual Claims Summary
  • Labor Productivity Report
  • Applications and Payments Summary
  • Subcontractor/Supplier Procurement Summary
  • Subcontract/Major Supplier Liability Report
  • QHSE Summary
  • Margin Reconciliation Form

You can download this procedure in editable format with all formats from our project documents download center.