Q1) Discuss the various types of business reports and its importance.

Ans. Informal Business Report

Informal business reports are made conveniently which will be useful to the
reporter and can be presented to the demanded person immediately. You can
present these reports in the form of a business letter or a memorandum too.
These reports are called informal reports because no fixed format is maintained
for these.

Formal Business Report

Formal business reports are prepared in a specified format and are presented to
the appropriate authorities in a so far established manner. These reports are
submitted to bodies or committees or heads of different departments or
organizations. The reports formally give a description of a business, so they are
called formal business reports.

Informative Business Report

These business reports are prepared to give information in a descriptive manner
addressing an issue or a problem or a situation. These reports give information in
a detailed and exhaustive manner that is utilized by the authorities for gaining an
insight into the issue or problem or situation. So, these reports are called
informative business reports.

Analytical or Interpretive Business Report

The analytical or interpretive or interpretative business reports provide facts,
numbers, opinions or views for interpreting specific information or problem or
situation. This report may also have reasons for a specific issue as to why a
specific issue or an event occurred and what should be the course of action as
well as a recommendation for the issue or event.
Summarized Business Report
The report which is prepared with the help of important details discussed in a
business meeting is known as a summarized business report. These reports are
prepared for sending it for the company’s shareholders or for the press release or
for a specific institution’s member.

Verbatim Business Report

The business report made by secretaries or someone else that records word to
word conversations made in a business meeting is known as a verbatim business
report. For instance, a resolution of auditor appointment has passed in the
business meeting and the resolution is recorded word to word as a verbatim
report. Again, in voting where joint votes of separate members are considered,
the verbatim reports contain names, ways of voting and the results. These reports
are not the same as the meeting minutes which are the summary records of a
meeting’s proceedings and decisions.

Fact Finding Business Report

An organization has several situations where finding a fact becomes necessary.
For instance, the rivalry between the manager and associate or machinery’s
breakdown in the factory premises. These situations need in-depth reasoning. In
such cases, the fact-finding report is beneficial presenting facts from a third
person view. These reports are submitted to the top management and they take
necessary actions about the situation immediately based on the report.

Problem Solving Business Report

Problem-solving business reports assist to solve a problem by recommending or
suggesting an action plan regarding a specific situation. The report also includes
the reasons for such problems and the conclusion is made in several ways which
can be applied for solving the problem. This report also includes ways of avoiding
the problem in the future by taking specific steps.
Technical Business Report
As technology is ever-growing, the companies are continuously upgrading
themselves with the newest technology. Whenever such a technological change
happens in a company a technical business report is made to determine the
technology level. These reports contain a detailed way to follow including money
and time which will be required. This assists the top management in planning and
deciding for the future.

Performance Report
The management wants to know each department’s performances regularly.
Apart from this, the management also wants to know about the new branches,
new employees or even the existing employees’ performance whose promotions
are due. The performance report is prepared for analyzing these things. These
reports are crucial for the management for arriving at a decision. So, the seniors
of the departments or branches or respective people prepare these reports.

Importance
Business reports provide useful insights for management such as information on
spending, profits and growth. Reports will provide important detail that can be
used to help develop future forecasts, marketing plans, guide budget planning
and improve decision-making.

Managers also use business reports to track progress and growth, identify trends
or any irregularities that may need further investigation. In addition to helping
guide important decisions, business reports help to build an audit trail of business
activities including reports that document annual budgets, sales, meetings and
planning initiatives.
Business reporting promotes transparency and for many public companies, an
annual report is a legal requirement to provide shareholders, the government and
others with financial data and ownership information about the business.
Additionally, regular reporting throughout the business year enables businesses
within the same sector to measure and compare their performances against
others.

Q2) Explain the main features of a effective Business Report.

Ans. Business reports come in all shapes and sizes and when considering the
features of business reports, you should be structuring the report in a way that
best conveys the information. One feature that almost all reports share, however,
is an executive summary. The executive summary section on a business report is
typically a single page that outlines the key points contained within the full
report. The summary is essentially an overview that acts as a reference for
readers by offering the key takeaways. Writing the executive summary can
happen before the report or after the report is completed, but you may find it
easier to write this section last so you can pull out the key details. Writing after
the report is completed makes it easy to create summary in a similar sequence.

In a similar vein, be aware that a business report can vary in length from one page
to a massive document containing multiple chapters. All readers may not be
looking for the same information, so it’s helpful to include a table of contents for
all except the briefest reports. This page includes all the main sections of the
report and the page numbers where the information can be found. This allows a
reader to flip right to the information he needs, without having to search through
the entire report.

Easy to Understand
A good business report should be easily understandable, so it can hold the
attention of the audience. Before you begin to write, consider the audience. If it
consists of people with a great deal of experience in the industry, it’s fine to use
complex terminology and provide detailed information. However, if the audience
doesn’t have much experience in the industry, the report must be written in
simple, straightforward manner, providing definitions for any industry
terminology used.

For example, a report written for shareholders who are focused on financials
rather than technical specifics should cater to that crowd. A blended style report
is also possible and it will satisfy everyone with an interest in the business. Some
reports are actually written for an outside audience to draw attention to the
business while others are strictly insider information.

Accurate and Neutral Facts

It’s essential that facts provided in the report are accurate, as the information is
used to prove points and draw conclusions. Any inaccurate facts will skew results
and could cause the company to make an ill-advised business decision.

Clear and Concise Presentation

Including filler content distracts from the point at hand and wastes the reader’s
time. The report should be written in a concise manner, using a minimum amount
of words to make a clear point. This is not to say that a long report cannot be
effective, it simply means it’s important to avoid including unnecessary
information.

Q3) What do you mean by report ? Define the process of writing a report.
Ans. A report is a specific form of writing that is organized around concisely
identifying and examining issues, events, or findings that have happened in a
physical sense, such as events that have occurred within an organization, or
findings from a research investigation.
These events can also pertain to events or issues identified within a body of
literature. A report informs the reader simply and objectively about all relevant
issues. There are three features that characterise report writing at a very basic
level: a pre-defined structure, independent sections, and reaching unbiased
conclusions.

Process
1. Decide on terms of reference
Many formal reports include a section that details the document's "terms of
reference". These terms include:

What the report is about

Why it is necessary
When it was written
What its purpose is
Setting these terms helps both the writer and their readers to understand why
the report is important and what it hopes to accomplish. The terms of reference
are usually explained in the first paragraph so that the reader can determine its
relevance without having to read the entire document. Setting concrete terms
early on will help you create the report's outline and keep your discussions on
track throughout the writing process.

2. Conduct your research

Most reports will require you to collect a store of data that directly relates to your
topic. You may already have access to this information if, for example, you are a
doctor who has copies of a patient's medical charts. However, if you are tasked
with analyzing an issue or investigating an event, you will likely need to spend
some time requesting, finding and organizing data.
Interpreting data and formatting it in a way that your readers will understand is
an important part of writing a report. You may need to create charts, graphs or
timelines that make your raw information easier to comprehend. You will also
need to carefully cite your sources and keep track of where and how you found
your data in order to present it professionally.

3. Write an outline
The next step is to construct your report's outline. This typically looks like a
bulleted or numbered list of all the different sections in the document. Your
report's outline might look similar to this:

Title page
Table of contents
Introduction
Terms of reference
Summary of procedure
Findings
Analysis
Conclusion
References or bibliography
The order of these sections—and whether or not you decide to include them all—
will depend on the specific type of report, how long it is and how formal it needs
to be. The most important thing to do when writing your outline is to include all
the necessary sections and eliminate anything that does not directly contribute to
the report's purpose.
4. Write a first draft
Writing a first draft is one of the most important stages of constructing a
successful report. The purpose of the first draft is not to write a perfect
document, but rather to get all the main elements of your information out of your
head and onto the page. You will have time to add to and edit this first attempt
later on, so your primary goal is just to organize your data and analysis into a
rough draft that will eventually become a final product.

While writing your first draft, you will likely find gaps in your data or holes in your
analysis. Make note of these, but do not try to address every issue as you write.
Instead, finish the draft, and save the problem-solving for when you begin the
editing process.

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5. Analyze data and record findings

The focus of every report is the "findings" section or the part where you present
your interpretation of the data. For an accountant, the findings could involve an
explanation as to why a company's stock drooped during the previous quarter.
For an environmental scientist, it could include a summary of an experiment on
biodegradable plastics and how the results could affect waste management
methods.

The findings section of your report should always provide valuable information
related to the topic or issue you are addressing, even if the results are less than
ideal. If your final conclusion is that the data was insufficient or the research
method was flawed, you will need to explain this in a professional and accurate
manner.
6. Recommend a course of action
The final section of your report's body is your recommendation. After examining
the data and analyzing any outcomes, you are qualified to present an idea as to
what actions should be taken in response to your findings. After reviewing the
number of overtime hours that their team has been working, a project manager
may recommend that an additional employee be added to the team. A surgeon
might recommend that the hospital introduce new sterilization methods into the
operating room after noting an increase in preventable infections in the previous
six months. If you have presented your data well and shown your expertise, your
reader is likely to trust your judgment.

7. Edit and distribute

The final stage of writing a report is editing it thoroughly and distributing it to
your audience. You will need to edit for grammar mistakes, spelling errors and
typos. You will also need to double-check your data, make sure your citations are
correct and read over the entire document to make sure it presents a cohesive
narrative. If the report is going to be read by a wide audience, you may decide to
ask someone else to proofread it or give you their opinion on the readability of
the content.

Distributing the report can take different forms depending on your particular
occupation. You might email it to your supervisor, present it verbally during a staff
meeting or publish it in a professional journal. Regardless of how or where it is
read, your goal is always to create a concise, informative and effective document
that will contribute to increased productivity in your workplace.