The thing is that the information you present should be clear for everyone on a company. That is why a report has to be be well structured.
That means it should have headings and labels to make the text easier to comprehend. Formal reports are similar to business ones at least because they concern business too.
However, the difference is that the former should provide a problem solution. As with the previous reports, formal ones are divided into two categories: An informational report show all data you have collected when researching, while an analytical one should also provide a solution to a problem. It may also give some recommendations on further research or sum up the current one. In fact, a technical report is a great source of technical and scientific information.
Lots of organizations made those for wider distribution. If you are a fan of literature, you can easily cope with it. Anyway, writing book reports is a good way to understand a book and its author. But you should not mistake a report with a review. The latter tells a story and then somehow summarize, while the report provides analysis. But you know you will have to read a whole book before writing. Otherwise, how are you going to present a book without knowing what it is about? If you deal with the project management, you should know what these are for.
You write progress reports to provide information on the progress of a project you are working on at the moment. You inform them what you have already done and what still should be done. All reports, as any academic paper, should be structured.
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