Performance reporting is the key, official method for communicating to your stakeholders about how project resources are being used and how project objectives are being met. Reporting methods, such as email, formal reports, and face-to-face meetings, and their frequency are outlined in the communications plan and communications matrix.
Performance reporting is performed against the project baseline, which is the original set of schedule dates, budget amounts, expected work, scope, and quality targets developed in the project planning phase. Project baselines are evaluated against actual performance of the project as the project is executed.
Earned value is the preferred performance reporting technique.