A Dashboard is the over view of the particular site's/user's details. Dashboard is steering for the user. Dashboards show visualizations of your data such as charts and graphs and are extremely useful for displaying the results of reports and searches.
Use dashboards to highlight interesting and useful aspects of your data, link to important searches and display common reports.
Information displayed on the dashboard should be reflecting the current value (for reports/charts). So that user can notice every change at a glance by that user can get any decision early. Dashboard should not be filling with only reports. a dashboard is a form of report, but not all reports are dashboards
Dashboard is one type of the Railway Station. Where user come get train detail and travel if he/she wants. In easy words user should get all the details and links in the dashboard so user can travel to the destination (required page) via dashboard.
Dashboard contains Charts, Tables, Links, Reports, notifications etc.
Source: http://www.codeproject.com/KB/architecture/DashboardsAreForDriving.aspx
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