A business report has the following functions, uses or advantages.
- Better Understanding:
It provides a better understanding of the problems.
- Measure progress:
It measures progress; it reviews the progress of a project or programs of a company. It explains how far a company has achieved its objectives and goods.
- Facts and valuable data:
It provides facts and valuable data. Before reports are prepared necessary and relevant information is gathered from reliable primary and secondary sources.
- Sound decision making:
Management uses reports for sound decision making.
- Better position:
Management finds itself in a batter position to redesign polices, programs, and procedures.
- Control device:
Management can learn its fault in relation to employees, production, marketing, and finance. Therefore, the report acts as a control device.
- Common interest:
It is useful for common interest. Reports provide information and technical and professional knowledge. They help in developing new theories, discoveries, and methods.
- Valuable material:
Reports may be used as valuable material for training development, and research.
- Suggest remedies:
Reports not only define and analyze the problem but they suggest remedies to it. They may contain one or a set of alternative courses of actions. The reader may select the best from among them.
- Suggests the reader:
It suggests the reader to adapt himself to the tune of time and situation, and take actions accordingly.
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TYPES, KINDS, OR CLASSIFICATION OF BUSINESS REPORTS