Status of Material Projects

What is a Status of Material Projects?

A status of material projects list provides updates on the current projects within your organisation including information on the nature of projects and their expected costs and profitability.

A status of material projects list summarizes the progress of your company’s projects and other important information including:

• Status: Tracking each project by marking as completed, paused, disputed, on-going or expected to commence
• Key Timelines: Project start and completion dates and other key milestones and deadlines
• Nature and Description: Types of projects undertaken and a brief explanation on each one
• Resources: Resources allocated and used for each project
• Cost: Forecasted and actual project completion costs
• Financial impact: Expected future impact on the revenue and/or expenses of the business
• Risks or Issues: Any potential risks or issues flagged by management and the status of any mitigation strategies being undertaken

Why is Status of Material Projects important for business today?

A status of material projects list enables your company to:

• Track the progress of your projects in real-time and assess key milestones and deliverables
• Determine the resources used by a particular project and evaluate the requirements for any additional resources
• Assess the total cost incurred by your company in completing a certain project
• Identify the risks or issues associated with your projects and formulate strategies to mitigate them
• Create project metrics for effective monitoring
• Improve communication processes across divisions and teams on project status and direction

Why is Status of Material Projects important for an event tomorrow?

A status of material projects list is important for an event tomorrow, as it helps:

• Evaluate the projects undertaken by your company and their progress
• Benchmark project completion costs and timeframes against industry standards
• Assess the risks associated with each project and evaluate your company’s strategies to mitigate them
• Track project completion against stipulated timelines
• Evaluate the reasons behind any budget overruns experienced
• Assess the merit of entering into each project in terms of cost/benefit
• Demonstrate management capability in monitoring and actively managing project performance
• Reduce the time and cost of due diligence related to company projects for both management and potential investors

Pros of addressing Status of Material Projects

• Improvement in operational efficiency as regular tracking of projects reveals areas which may require corrective actions in a timely fashion
• Benchmark actual project costs against budgeted costs to highlight any discrepancies
• Provide regular status projects’ updates to internal stakeholders, investors and sponsors
• Identification and mitigation of any issues and delays associated with certain projects
• Optimum utilization of resources by tracking previous and current project requirements

Cons of not addressing this topic

• Negative impact on business performance with limited ability to track the status of your projects and key deadlines and milestones
• Potential to over-utilize resources due to lack of visibility on resource requirements for each project
• Reduced investor confidence as a result of an absence of project tracking
• Greater time and cost involved in due diligence related to company projects