Converting an idea into nosiness oppertunity

An idea is the seed of a successful product or service. Without proper

care and maintenance, it will not bloom. Ideas require research of the
target market, a good strategy and a sound business plan, without
which, ideas cannot go much further.

1. Settlement of a business idea:-

Every individual is full of ideas, but mostly they are just random
thoughts that cannot be accomplished because approach is wrong.
Skimming through different ideas every day and figuring out whether
they can be accomplished.

The amount of time that is being spent on settlement of business idea

is mostly insufficient. A entrepreneur must be passionate about
particular idea that he is going to settle. Only then validation of idea is
done.

2. Validation of idea.

An idea is worthless until and unless it is not being researched on

actual customers.

Writing a business plan with projections through market research is a

sure-shot way to a startup. Nothing beats an actual customer using
products or services.

Build a minimum viable product or a prototype. The idea is to put out

something that offers the main value of startup or that solves the core
problem of customers.

The prototype could be a PowerPoint slide, a dialogue box or just a

landing page. This is something that can often build it in a day or a
week. A prototype can be an actual functioning product with the core
features offered.

Share this in market so that customers should give their valuable

feedback which is essential
3. Execution:-
There is no such thing as a million-dollar idea. Facebook was not a
million- (or billion) dollar idea, until it was executed.

Ideas evolve into products which themselves evolve over a period of

time through constant customer feedback and use. A prototype must
be built so that it can get valuable feedback from customers. Let
customers decide whether the idea is of value or not.

Most people just don’t get their products out in time and spend most
of their resources in trying to build that one perfect product.

4. Selection of target market or target audience:-

Validate whether the problem that you are trying to solve is truly the
problem of the masses, and not just a personal problem or a problem
of few neighbours and friends.

Think big, think global, if you can.

An idea must be based on large target audience with the potential to

grow into a larger and a more successful business.

5. Make it a must-have, not a nice-to-have:-

A lot of ideas are utter nonsense. Those can surely be turned into
selling products, but you won't end up building a business out of
them. These are the nice-to-have ideas.

You must spend time getting to know from the market whether your
idea or product is a nice-to-have or a must-have. Nice-to-have
products are mostly in the novelty domain or are not compelling
enough for customers to buy or own.

If you want your ideas to develop into successful products that help
you create and sustain a business, then go after must-have ideas.

So, decide what is important to you: the figment of your imagination

that tells you your idea is a million-dollar one or validating it to build
something that can get you the actual million dollars.
 How to Write a Project Report:

The most common type of project report, a project status report provides a
general state of the project to its stakeholders. It quantifies work performed and
completed in measurable terms. It compares this with an established baseline to
see if the project is on track or; if adjustments have to be made if the project is
behind its schedule. It keeps everyone on the same page and manages each
other’s expectations.

Project status reports are accomplished to serve the following purposes;

1. to keep an updated flow of information in relation to the project’s progress

2. to immediately address issues and concerns that may come up at any point of
the project’s implementation or duration
3. to document reasons for changes and adjustments made to the original plan for
the project
4. to monitor fund utilization and to ensure that the project expenses are still
within the budget
5. to serve as a basis for decision-making and addressing problems
6. to keep track of the team’s performance and individual contributions
7. to act as a uniform procedure for communicating project development to the
stakeholders.
Status reports are most effective when they follow a standard form with
predefined fields that need to be regularly updated. Doing so will save time and
provide consistency and predictability of the information the stakeholders will
receive about the status of the project.

WHAT TO INCLUDE
For a status report to be comprehensive, it must include the following elements:
 Summary/Overall Health of the Project

At a glance, this portion of the status report must provide an overall idea of how
the project is progressing without going into too much detail. A person who
does not have time to read the entire report thoroughly must be able to get a
picture of the current status of the project through the summary of the status
report.

 Facts on the Project Progress

 The status report must contain full information on accomplishments, timelines,
and most importantly, project milestones. Project milestones are the completion
of highly important tasks. They serve as a standard of project progress
management. What constitutes a project milestone should be identified during
the project planning stage.

 Target vs. Actual Accomplishments

It should present a comparison between what has actually been accomplished

versus what was supposed to have been achieved at this point of the project. It
should tell us whether the project is on track, if it is ahead, or if it is behind
schedule.

 Analysis

For any variances recorded and reported between the targets and actual
accomplishments, an analysis of the impact on the project should be made and
presented in the status report. The reasons for such differences must also be
stated in the report.

 Actions Taken

What has been done to address the variances? It is important to give an account
of how the team addressed the variances and other problems that came up
during the period covered by the status report. Additionally,, the report must
also include the expected milestones or accomplishments for the next status
report.

 Risks and Issues

The report should contain all the problems and challenges that the team faced
and what they did to address them. The report should also inform the
stakeholders of the current risks to the project.

 Resources

The state of resource utilization must also be presented in the status report. It
should show how these resources were used or consumed on a periodic basis.
The forecast can also show if the team is running out of resources and
replenishment is needed.
 Budget

Just like the resources, it is also important to present the financial aspects of the
project, most especially, the utilization of its budget. Stakeholders will want to
know if the project is within budget or not. Be prepared with explanations,
especially if there are notable variances in the budget.

 Schedule

Indicate whether the project is operating within its expected timelines, and if it
is not, provide reasons why. This is important since delays or extensions in the
plan will entail additional costs and resources. Additionally, the report must also
include the expected milestones or accomplishments for the next status report.

Keys to an Effective Project Status Report

1. Submit the report on time. A status report is time sensitive and sending it late
defeats the purpose of such a report.
2. Giving complete but inaccurate information is just as bad as giving accurate but
incomplete information. Since stakeholders rely on the status report for a heads-
up on the project, and its content is used as the basis for decision-making, it is
critical that the report provides both complete and accurate information.
3. Do not cover up bad news or adverse reports as these are all part of the
transparency of the status report. Keep in mind that being open with the
stakeholders, whether the project is sailing smoothly or not, will benefit both the
team and the client, since any problems there are will be immediately given
attention and solved.
4. Be proud of the team’s accomplishments, after all, this is what the clients and
the stakeholders will want to know about.
5. Anticipate questions from the clients or stakeholders and be prepared to answer
them.
6. Be familiar with the culture of the organization and respect the information
hierarchy they observe. There are instances when the CEO wants to be the first
to know about the contents of these reports before cascading it to his downlines.
On the other hand, middle managers will want a head start on these reports so
they can also anticipate and prepare for any reaction from the top executives.
7. Craft the status report in such a way that there will be no information overload.
It should contain necessary information that the stakeholders need to know.
Lengthy reports will consume not only the writer’s time but also that of the
reader. Too many details also give an impression of micro management.
 Risk factors:-

All projects, or any activities of business, face risks. It is just a matter of how an
organization identifies, assesses, analyzes, and monitors these risks. With a Risk
Register, an organization is equipped with a tool to better respond to problems
that may arise because of these risks. It helps in the decision-making process
and enables the stakeholders to take care of the threats in the best way possible.

A Risk Register, also called an Issue Log, is iterative because it will be updated
periodically depending on how often the team identifies a potential risk. It may
also be updated if the characteristics of the existing potential risks change as the
project progresses.

WHAT TO INCLUDE
The Risk Register document contains information about the following:
 Risk Identification
 Risk Category: Grouping these risks under different categories is helpful.
Doing so will provide a way to make a plan of action that will address most, if
not all of the risks falling under the same category, saving time, effort, and
resources.
 Risk Description: Provide a brief explanation of the identified potential risk.
The description can be done in a variety of ways depending on the level of
detail. A general description can be difficult to address while giving too much
detail about the risk may entail a significant amount of work. Three factors to
consider when making a risk description are: the way these risks are going to be
managed, who will handle them, and the reporting requirements of the person
receiving the risk register.
 Risk ID: Assign a unique identification code to each risk identified to track it in
the risk register easily. Create a system of coding in such a way that the
category to which the said risk belongs is easily identifiable.
 Risk Analysis
 Project Impact: Indicate the potential effect of the assumed risk on different
aspects of the project such as budget, timelines, quality, and performance.
 Likelihood: Referring to the possibility of the risk occurring, the likelihood can
be expressed qualitatively—high, medium, low—or quantitatively, if there is
enough information available. Whatever criteria are to be used, assign a
number—with the highest value corresponding to that which is most likely to
occur.
 Consequence: This refers to the severity or the extent of the risk’s impact on
the project. It can be expressed using the following adjectives to describe the
magnitude of severity but remember to assign a number to each level, with the
 highest value assigned to the level which has the most severe impact.
A. Negligible
B. Minor
C. Moderate
D. Significant
E. SevereHere’s how it will look in a tabular form:
Severity Negligible Minor Moderate Significant Severe
Likelihood (1) (2) (3) (4) (5)

Low
(1)

Medium
(2)

High
(3)
 Risk Evaluation
 Risk Rank: Combining the likelihood of occurrence of a risk and the severity
of its impact gives the risk rank. If there are corresponding numerical values
assigned to each level, these can be multiplied, and the resulting value can be
used to rank the identified risks.
Severity Negligible Minor Moderate Significant Severe
Likelihood (1) (2) (3) (4) (5)

Delay in the Natural

delivery of calamities are
Low office damaging the
(1) supplies infrastructure.

Absence of
Medium key Running out
(2) personnel of budget

High
(3)
 Using the table above, the identified risk can be ranked this way:


Risk Likelihood Severity Result Rank

Natural
calamities 1 5 5 2
 damaging the
infrastructure

Running out of
budget 2 4 8 1
Delay in the
delivery of
office supplies 1 2 2 4

Absence of key
personnel 2 2 4 3
 Risk Trigger: These are the potential risk events that will trigger the
implementation of a contingency plan based on the risk management plan. This
plan should have been prepared prior to the development of a risk register.
 Risk Treatment
 Prevention Plan: This enumerates the steps or action to be taken to prevent the
risks from occurring.
 Contingency Plan: On the other hand, the contingency plan determines the
steps or action to be taken once the risk events have occurred. This program
also contains the measures to be taken to reduce the impact of such risks to the
project.
 Risk Owner: The person responsible for managing risk, and the
implementation of the prevention and contingency plans, it can be anyone
among the stakeholders—members of the team, a project manager, or project
sponsors.
 Residual Risk: Sometimes, a risk cannot be entirely eliminated after treatment.
Part of it may linger throughout the duration of the project, but once it has been
treated, it can be considered as a low-level risk.

Keys to an Effective Risk Register

1. The first risk register must be created as soon as the project plan and the
risk management plan has been approved. This initial risk register must be
integrated into the project plan.
2. Active risks during a particular period must also be included in the project
status report.
3. Risk management is an iterative process which is why the risk register
must also be updated from time to time. Updates can be made when new
risks are identified or there have been changes in the risks already in the
register.
4. The numerical value assigned to the likelihood and severity levels must
remain constant throughout the duration of the whole project.
5. Likewise, any terms used must be defined, and this definition must be
utilized consistently.

Project Closure Report

As the end of a project, a Project Closure Report signals its culmination. Its
submission officially concludes a project and implies that funds and resources
will no longer be needed, and everything will go back to its status prior to the
implementation of the project.

This process is critical as it will officially tie up all loose ends and prevent
confusion among stakeholders.

WHAT TO INCLUDE

This particular type of project report summarizes information on the project

results, the criteria used to measure the effectiveness of the project delivery
process, and the feedback from the stakeholders. Each performance metric
includes an assessment and a narration of how the team performed on such
metrics.

 Budget

This performance metric describes how the team utilized the budget in carrying
out the project effectively. Under this performance metric, the following aspects
are measured:

 Final Cost

Indicate the total expenditures for the duration of the project.

 Component Breakdown

Each category of the expenses is tracked and recorded, stating the price per
category and what percentage of the total budget was spent on each category.
 Budget Variance

Show the difference between the projected budget and the actual cost and
present a detailed variance for each cost category.

 Explanations for Key Variances

Briefly explain the reasons for each variation and its impact on the project’s
implementation.

 Schedule

Describe how the team implemented the project within the expected time frame
and schedule.

 Overall Project Duration

State how long it took for the completion of the entire project, including the
start and end dates. A lot of people will find it surprising to know how long they
have been working on the project.

 Schedule Variance

Narrate the difference between the projected duration of the project and the
actual time it took for the project to be completed. State the details in a number
of days and as a percentage.

 The explanations for Key Variances

Include an explanation for the occurrence of the variations and quantify how
much each difference accounts for the total, in days or as a percentage.

 Change Management

This metric refers to the team’s ability to handle and manage changes
throughout the project’s implementation effectively. It is measured through the
following:
 Total Number of Changes

Provide details on how many changes were requested and how many were
approved and implemented.

 The impact of the Changes

State how these changes impacted the overall project in terms of project
timelines and cost.

 The highlight of Changes

Provide a brief description of the changes that were implemented. It is also good
to mention those changes that were requested, but were not approved—
especially if the reason for disapproval was to defer it for a future project or
product release.

 Quality Management

This particular metric refers to the team’s ability to observe and comply with
quality standards during the project’s implementation.

 Total Number of Defects Identified

State a brief description of the errors identified during the structured

walkthrough process per stage.

 The explanation for Resolved Defects

Give a narrative on how each defect identified was addressed and how it made
an impact on the project and its deliverables.

 Risk and Issue Management

This metric deals with how risks and matters that occurred during project
implementation were handled and resolved by the team. Key points to include
are the following:
 Risks

Provide a list of risks identified and analyzed. From this list, determine which
ones were accepted, transferred, mitigated, or avoided. Also, provide a
summary of how key risks were reduced.
 Issues

Provide a list of problems ranked according to priority and determine which

among these were resolved by the team, how many were escalated to a higher-
level decision maker, and how many were left unresolved.

 The impact of the Risks and Issues to the Project

State how these risks and challenges affected the project timeline, budget, and
scope.

 Human Resource Management

This refers to the team’s ability to carry out the project effectively.

 Manpower

Give an analysis of whether enough manpower was provided for the project and
if they were equipped with the right skills to implement the project. Also note if
the team was given the proper training to handle the project effectively.
 Project Organization Structure

This metric looks at how the stakeholders participated in the project.

 Decision-makers

Discuss how the team’s collaboration with the primary decision-makers worked.
State if they made themselves available beyond regular working hours if
needed. Also give an account of how escalated issues were resolved and if they
were delivered in a timely manner.

 Communication Management
 Under this metric, communication throughout the duration of the project is
assessed.

 Communication Management Plan :-Describe how the communication

management plan was implemented and if it was delivered as expected. Give an
account on which items on the communication management plan worked well
and which ones need to be improved.

 Feedback:-
Summarize essential feedback collected. Describe the method by which these
comments were gathered and who was solicited for feedback. Also include how
they responded to each question and briefly discuss which items received great
responses from the participants and which ones got few answers.
 Take note of common themes or trends of feedback gathered.
 From the feedback gathered, also take note of any opportunities from this
feedback and discuss how these opportunities can be applied to future
projects, or in the organization itself.
 Lesson Learned
 Give a brief discussion of what the team learned when carrying out the
project. Among these learnings, discuss which ones can be applied to future
projects and how it will impact not only those future projects but also the whole
organization.

 Other Metrics:-Other points of interest may not have been captured in the
Project Status Report and may be included in the Project Closeout Report. Some
of these factors include:

 Duration and Effort by Project Phase A brief account of how long it took for
each phase of the project to be implemented is an excellent addition to the
report. Insights from this information may be used to plan properly for
following projects. It is also interesting to account for the percentage of effort
allotted for each phase. This will guide sufficient manpower allocation for each
stage of future projects.

 Benefits Realized

It is worthwhile to discuss which among the expected advantages of the plans

were realized at the time the project closure report is written.

 Benchmark Comparisons
 Describe how the project performed in comparison with other projects of the
same department, company, or within the same industry. Briefly discuss the
positive and negative points of the plan as compared to others.

Keys to an effective project closure report

1. The closure report is mostly a summary of all efforts related to the project. It is
important to ensure that all highlights of the project have been properly
documented so that retrieval of these reports is easier and all efforts will be
acknowledged.
2. Emphasize the high points the project delivered, how efficiently it was done,
and what has been learned from the process.
3. If there are notable variances during the project implementation, make sure to
provide a fact-based explanation on it. In addition, the impact of this difference
must also be described.
4. A critical point in a project closure report is establishing the link between the
project performance, the lessons learned, and the steps that will be taken by the
organization for its continuous improvement. Aside from the project
deliverables, another valuable output of a project is the learnings derived from
the process and how it will be translated into concrete concepts applicable to the
business processes of the organization.

Executive Summary

A little bit different from the types of project reports previously mentioned,
an Executive Summary is a distinct kind of report which uses different
language. It is a high-level report which aims to provide a bigger and deeper
understanding of the project—how it will benefit the organization and how it
will fit into future business strategies. It is written with a busy executive in
mind, someone who has a lot of important things to do and may find reading a
lengthy piece of prose a waste of precious time. Factual and objective, this
particular type of project report must be able to provide a realistic status of the
project, as business executives understand that everything may not go according
to the plan.

Some may confuse an executive summary with an abstract but, in reality, they
are clearly distinct from one another and serve a different purpose.

An abstract is usually written for academic or scientific papers. It is written with

a topic sentence which, generally, gives an overview of what the article is about.
 It is, then, supported by two or three supporting sentences which support the
main idea of the topic sentence.

An executive summary, on the other hand, is composed of different sections

discussing almost every significant aspect of an undertaking. It consists of
sequentially arranged key points supported by conclusions and
recommendations. Check our in-depth article on how to write an effective
executive summary.

Things to Remember in Writing Project Reports

Here are some of the principles that need to be observed in writing an effective
project report;

1. Write for the reader

Bear in mind that the report is written for other people, and not for
yourself. Whether you are writing one as part of the team, or you are
commissioned to write for someone’s team, you need to be familiar with the
terms and concepts used by the team and the entire organization. Since it is not
safe to assume that everybody understands these terms; for the benefit of
everybody, it is safe to define those terminologies and concepts in the
preliminary parts of the report. Another option is to use layman’s terms and
refrain from using technical and industry jargons, or even acronyms as much as
possible.

2. The report should have a structure

There may be different types of the report, but one thing they have in
common is that all of them require to be written following a particular
structure. If possible, organize information into different sections so that your
intended readers will be able to easily identify the most relevant parts that they
want to read first. Alternatively, they can quickly go back to an earlier section,
if they have to. Most types of reports contain common sections such as an
abstract, or background of the project, which explains what the project is and its
purpose, and a final summary of the entire project.

3. Ensure that the report is evidence-based and is supported by data

 A credible and extensive project report is underpinned by a significant
amount of data, whether it is about the performance of the team or a
comprehensive report about the project results. Using charts, tables, and
graphs is a surefire way of making the report interesting and reliable for those
who will read it. There is also an extensive selection of project management
tools available offering different responsive reporting components to assist the
project manager in compiling and presenting meaningful data.

4. Make it as objective as possible

There is a clear distinction between facts and opinions. These should never
be used together, especially if the report is dwelling on a failed project. The
report becomes subjective if it reflects personal opinions of the writer. Make it
objective by eliminating all parts which are not based on facts and real events. If
it is really necessary to include a personal view or opinion, make sure to
explicitly identify it as such. A separate section of the project report may be
devoted to the writer’s personal opinion to keep the rest of the report unbiased.

There are a number of ways project reporting helps an organization, a team, and
even the project itself and here are some of them:

1. It tracks the progress of the project

You should regularly check up on the amount and quality of work being
accomplished and check it against the plan. It can ensure that the project is kept
on track, and any problems, no matter how small they are, will be taken care of
in order to prevent them from escalating into bigger ones.

2. It helps identify risks

Risks are everywhere. Risk can make or break a project depending on how well
the team was able to deal with it. Through regular project reports, these risks are
monitored, and the team can identify ways to handle them

3. It helps manage project cost

Without regular updates on how the project is moving, project costs might get
out of hand. Project reports make it possible to monitor expenses and manage
the budget. It also promotes transparency with regards to the financial aspects of
the project.
4. It gives stakeholders an insight on how the project is performing

Project reports provide stakeholders a bird’s eye view of its current state. It
gives the team a clear understanding of their roles and the tasks that they are to
accomplish. For the project manager, the reports provide them with updated
relevant data. Lastly, project reports serve a basis for the decisions that have to
be made at the top management level.