I'm OK. The Bull Is Dead.

When reporting project status, be succinct and straight-to-the-point:

1. Punch line: The facts; no adjectives, adverbs or modifiers. "Milestone 4 wasn't hit on time, and we didn't start Task 8 as planned." Or, "Received charter approval as planned."
2. Current status: How the punch-line statement affects the project. "Because of the missed milestone, the critical path has been delayed five days."
3. Next steps: The solution, if any. "I will be able to make up three days during the next two weeks but will still be behind by two days."
4. Explanation: The reason behind the punch line. "Two of the five days' delay is due to late discovery of a hardware interface problem, and the remaining three days' delay is due to being called to help the customer support staff for a production problem."

Full article here.