Explain the term 'Cost Performance Report' (CPR).

The term 'Cost Performance Report' (CPR) specifically denotes a report that conveys comprehensive information regarding both cost and schedule performance of a project. This report is instrumental in project management as it helps project managers and stakeholders analyze how well the project is performing in terms of its budget and timeline.

The CPR typically includes key performance indicators like Planned Value (PV), Earned Value (EV), and Actual Cost (AC), which facilitate in-depth cost analysis. By comparing these metrics, the report allows for effective tracking of variances against the project plan, enabling better decision-making and resource allocation moving forward.

This detailed account fosters transparency and accountability, as it outlines not just financial data but also how the timing of deliverables aligns with budgeted expectations. Understanding this dual aspect of cost and schedule performance is crucial for ensuring project success and maintaining financial discipline throughout the project lifecycle.