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Progress reports are essential for three key reasons: progress monitoring, contractual requirements, and record-keeping. Firstly, progress monitoring allows for periodic assessments of project status over time, ensuring that issues are addressed promptly instead of waiting until project completion. This proactive approach aids in developing recovery actions and plans based on identified causes of delays and risks. For example, while one aspect of the project may be on schedule, another may be significantly behind. Understanding these nuances helps in managing potential delays effectively, such as recognizing procurement risks that could impact future tasks.