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Create Forecast Scenario

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Create a Forecast Scenario from a Modeling Scenario is designed to cascade the Assumption, Salary Plan, and Employee adjustments into future year budgets.

forecast scenario

Creating a Forecast Scenario

1.If the Scenario Explorer is not currently open, click the Scenario Explorer button from the main toolbar.

2.From the hierarchical list or "tree" of Budget Scenarios, right-click on the Scenario you want to base your Forecast on, and then select Create Scenario > Forecast Scenario.

Forecast Scenario Menu Select

3.If prompted to recalculate the current Scenario before creating the Forecast year, click Yes.

If changes have been made to the Current Scenario it is important that it be recalculated before creating the Forecast.

4.Enter a note in the Apply Adjustments text box (at least 10 characters), and then click Apply to finish saving the record.

5.As the process begins you can see its progress at the bottom the Scenario Explorer on the Status line. You can also view the entire Process Log by clicking the View Process Log button on the main toolbar or View>Process Log .

Create Forecast Year Process

You may see a status message indicating an empty session is being deleted. As part of the Scenario Version process, the source Scenario is checked for any Empty or un-applied Sessions that do not have any Pending Adjustments.

6.The Procedure Log captures all the status and diagnostic messages created during the process. Once the Forecast Scenario is created, a series of Audits are performed to validate the new Model. As each Audit Item is checked, the Value column of the log will indicate Balanced, ERROR, or WARNING. As long as there are no Items with a value of ERROR, the process was created successfully. Verify there are no ERROR's in the Procedure Log.

As processes run in ESP™, the progress can be seen in the Process Log and you may see 2 types of log entries that should be reviewed.

•WARNING A problem with the data has been detected and corrected if possible. this is normally related to data irregularities which originate in you Accounting or Payroll system.

•ERROR A problem with the internal processes has occurred and your support staff should be notified.

The Process log can be shown by clicking on the button in the toolbar or from the View -> Process Log menu.

7.After the Scenario Explorer refreshes, verify the new Forecast Scenario was created. The highlighted values should match the Scenario the Model was created from.

Results:

1.Scenario was created and Current General Fund Totals match the Model Totals of the Scenario the Forecast was created from.

8.Double-click the new Forecast Scenario in the Scenario Explorer.

Results:

1.The Scenario Explorer should close and the new Scenario opens in the main application.