Forecast Solicitation

Forecasting involves predicting likely business results by tracking a company’s progress-to-budget status. A forecast is generated by extracting actual historical values and applying a forecast method.

Throughout the year (usually monthly or quarterly), the forecast is updated using more current data, such as sales and AHR actuals to date, and certain data, such as payroll percent, from the finalized budget. These forecast updates enable managers to gauge how they are tracking against the budget as the year goes by.

The forecast generation and solicitation process occurs when creating a new forecast or updating an existing forecast.

  1. Select one:
    • The system automatically generates the new or updated forecast from the Job Scheduler using the forecast layout specified by the forecast method.
    • The root budget manager manually generates the new or updated forecast from the Forecast Generation page.

    See Plan Generation.

  2. After the forecast has been generated, the forecast is either automatically (the system) or manually (the root budget manager) released to the lowest level of the hierarchy for review and edit.
  3. When submitting up the hierarchy, the budget managers at each location:

    • Receive a Workmail notification when the forecast has been submitted to their location for approval from the location(s) below.
    • Review the Worksheet, modify any values to data in the Sales, Payroll Percent, Holiday Hours, Vacation Hours, and Other Hours (non-productive hours) columns, and then submit the forecast up. This process continues until it reaches the very top level of the hierarchy, which is the root location.
  4. The root budget manager:
    • Receives a Workmail notification when all the forecasts have been submitted to the root location for review and finalization.
    • Navigates to the Worksheet, reviews the forecast numbers, and then locks it to finalize the forecast solicitation process. This locked forecast is the final forecast. The root budget manager can update or unlock the forecast as required.
    • Optionally, publishes the forecast.

At every step of the solicitation process, the system:

  • Recalculates the forecast data.
  • Verifies that the budget data meets the allowable minimum required hours and maximum annual payroll requirements.
  • Performs the required aggregation and/or distribution calculations.
  • Changes the state of locations. See State-Change Rules.