Forecast Configuration Options

Before using the forecast collection tool you must configure certain forecast-related settings. You can establish different forecast configurations for each SetID. Consider the following points:

• Forecast frequency determines how frequently you estimate and collect forecasts, such as weekly, biweekly, semimonthly, monthly, or quarterly.

  For users of PeopleSoft Expenses, this table is a guide for setting up the forecast frequency. Schedule the time reporting frequency and forecast collection frequency to coincide, as indicated in this table, so that users can report actual time and forecast time at the same time. Otherwise, users must access the system at different intervals to report actual time and forecast time.

  Expenses Time Reporting Frequencies	Recommended Forecast Frequencies
  Daily	Weekly
  Weekly	Weekly, Biweekly
  Biweekly	Biweekly
  Semimonthly	Semimonthly, Monthly, Quarterly

  Expenses time report frequencies are defined in the Expenses Definition component (BUS_UNIT_TBL_EX). Forecast frequencies are defined in the Forecast Configuration component (BUS_UNIT_OPT_FC).

• The forecast horizon defines how many periods are included in each forecast.

  For example, if you have a forecast horizon of 10 and the forecast frequency is in weeks, the forecast horizon comprises 10 weeks. The employee must report a detailed forecast for 10 weeks and a single lump number for all remaining planned hours beyond the 10-week period.

• For weekly and biweekly forecasts, the ending day of the period specifies the day of the week on which the horizon period ends so that the system can determine when to begin the next horizon period.

• You specify whether employees can create and submit forecasts for past horizon periods and whether employees can change or submit a pending forecast that was never submitted.