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In this video, the speaker emphasizes the importance of reporting progress on a weekly or monthly basis for all projects you lead. They provide a simple template for a weekly progress report that can be used in any industry. Progress reports are not just about stating what was or wasn't done, but are a tool for stakeholder engagement. It is important to keep progress reports simple and follow recommendations for effective stakeholder communication. It is also crucial to understand the main concept behind progress reports and how they can help in managing stakeholder engagement.