Business readiness

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

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