A weekly status report is the minimum amount of information needed to keep everyone on the same page. If you don't share information on a regular basis, people will feel out of the loop and have trouble understanding what's going on. This can impact performance and morale. Additionally, status reports helps align a team and benchmark the pace of progress over time. If you are a manager and don't have basic reporting of progress in place, you will struggle and hold unnecessary meetings to understand what's going on.