In order to favorite a report, you first need to run the specific report you want to favorite. Go to the Reports module, select what category the report falls under (1), then select the kind of report that you need (2).
Once you get to the Report Options page for the kind of report that you need, fill out the options to customize the report and click the Submit button (3).
Once you get to the report screen, make sure that the report contains all of the correct information, and click the Add to Favorites button (4).
After clicking the Add to Favorites button (4), a screen will pop-up that says Enter report name. In this field (5) you will input what you want the report to be named, then click the OK button (6).
Tip: It is recommended that you choose a name that not only includes the basic name for the report, but one that will also be used to easily identify which options you chose, so that you do not have to redo the process and select the options again.