Definition:
The Project Status Report is a document that is used by Project Managers for formal regular reporting on the status of a project to the Steering Committee, Project Sponsor, Senior Manager or other Key Stakeholders, depending on the size of the project.
Status Reporting is one of the several methods used by agile teams to report current status of the project both internally and externally. To be more precise, a Status Report is a simple document that exists between a project manager, client and the internal team, periodically updated by everyone so as to where the project is in relation to where it has to be at that point of time. The key benefits of using Status Reports are: managing large projects with multiple stakeholders, and focus everyone on the same issues every week. It is easy to find out if there is any slippages in timings or issues that affect budget of project, highlight the same and address it to the stakeholders.
Further Reading:
Disciplined Agile Delivery by Scott W. Ambler and Mark Lines