The Project cost reporting message is used in various industry sectors when there is a requirement for all parties involved in a project to formally establish and exchange budget baseline, actual,  progress, and estimate to complete cost information; technical performance measurement information; and related funding information.  This information exchange is typically going from a contractor performing the work to the end customer.

The purpose of this information exchange is to provide the end customer with data that describes the work that must be completed, who is doing the work, and establishes the cost budget baseline for the project.  This information exchange also provides data that describes how the work is progressing against the cost baseline to determine if the project will complete on time and within budget.  The work in process measurement data provides key management information to ensure the project is progressing as planned and highlights any problem areas that need correcting.  Technical performance measurement data is used to determine if the project is meeting specific design or functional objectives. Periodic funding data reporting is used to track future funding requirements for the work in process.