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In this video, Devin Deen, content director at projectmanager.com, discusses the essentials of project status reports. He emphasizes that these reports serve as a clear communication window for external stakeholders to understand project progress. A crucial guideline is to avoid including any surprises in the reports, such as being over budget, delayed schedules, resource shortages, or subpar deliverables. Instead, such sensitive information should be communicated directly to key stakeholders or sponsors through one-on-one conversations or phone calls before being summarized in the status report. The primary focus should be on transparent communication without unexpected issues in the report.