At first, this seems like a distinction without a difference. But, of course, then it seems like two totally different things. A status report communicates stasis. It shows what is true at a certain time. A progress report communicates time. It shows what's happened (and even might preview what's going to happen). So, is one better than the other? Not really.
But, it's important to realize that each one places emphasis in a different area. The status report stresses achievement. It can be shorter. So, it's useful for an executive audience. The progress report stresses events. It is longer. It shows what has happened, and is thus useful as a sort of historical record. It's useful to a project manager---in order to see what's gone on to lead us to this place. I suppose the best report might combine both. This is where we are, and this is how we got
there.
What is the difference between a project status report and a project performance report explain your answer?
Project status reporting is a regular, formalized report on project progress against the project plan. Its purpose is to effectively and efficiently communicate project status at regular intervals to project stakeholders.
A status report is a collection of information about the current status of a project. Project status reports are used to communicate the current progress on a project to the project team and stakeholders.
A status report describes where the project stands at a specific point in time. An earned value analysis is an example of a status report. A progress report describes what the project team has accomplished during a certain period of time. A weekly activity report is an example of a progress report.
While both reports are used in decision making, status reports are usually prepared for strategic stakeholders for controlling and governance purposes whereas project progress reports are used for tactical purposes.