Difference between Project Report and Project Formulation
1. Project Report :
Project Report, as name suggest, is simply report that provide general state and is prepared for plan action that is going to be undertaken which usually covers details like technical, social, marketing and management.
2. Project Formulation :
Project Formulation, as name suggests, is simply a systematic expression and concise or exact statement of project usually to set boundaries or limits of work that is going to be executed by project.
Difference between Project Report and Project Formulation :
|Project Report||Project Formulation|
|It mainly focuses on providing full visibility about each and every activity that is related to project.||It mainly focuses on development of project idea in systematic way for reaching at investment decision.|
|Factors affecting project report include unfinished planning, close communication, unavailability of intelligent people, etc.||Factors affecting project proposal includes no qualified personnel, no knowledge about government regulations, influence of external economics, inappropriate selection of technology, etc.|
|Its benefits include track current progress of project, track issues, budget, schedule, identify risk and take corrective action, etc.||Its benefits include enable decision maker to take decision, represent project related facts, analysis of input, managerial, etc.|
|Its main objective is to give detail representation of what project is all about and power to view health of project.||Its main objectives is to highlight complete picture of project being undertaken without providing detail about feasibility study.|
|It includes project description, organization summary, management plan, financial aspects, project description, etc.||It includes objectives, activities, expected outcomes to be produced out of project.|
|Disadvantages include time consuming, difficult to understand, difficult to implement report recommendations, etc.||Disadvantages include time consuming, misdirected, etc.|
|Stages of project report include understanding project report, gathering and selecting information, organizing material, analyzing material, etc.||Stages of project formulation includes feasibility analysis, techno-economic analysis, input analysis, cost-benefit analysis, etc.|