In this section, you can set the Scenario/Version combination that will be used for historical data purposes, and the confidence interval that will be used for the best case and worst case prediction range. In the Current Application Defaults tab, locate the Predictive Planning Options section. To establish global settings for Predictive Planning, in the navigator menu, navigate to the System Settings and Defaults window. With the included Approvals functionality, invalid data can trigger email notifications, redirect the approval path, or even stop data from being approved at all. These webform validations can also be used to prevent erroneous data from being included in final budgets and forecasts. They can either re-run their calculations, or simply paste the Predictive Planning result directly into the form. These immediately display to the user that their data is in need of correction. Cells in green contain data which exceeds the predicted best case limit. Cells in red contain data which fails to meet the predicted worst case threshold. In this model, the submitted data in the form is compared with the predicted best case and worst case outcomes. It can also be referenced in webform validations to ensure data accuracy. Once this data is pasted into the form, it can be used in calculations, formulas, and dashboards. To allow for this, additional Versions can be added to the application to store the modeled prediction, best case, and worst case data. In a more robust model, Predictive Planning can be utilized to ensure that user-submitted data falls within accepted thresholds.
This tool will allow the same functionality, but will also generate a printout of the statistical accuracy of each individual line item. The Predictive Planning functionality is also available as a Smart View add-in. Once this data is pasted in the form, users simply need to hit the Save button, and the prediction will be added to the application. If users feel that the predicted results are more accurate than the data that is currently entered in the form, they can utilize a simple paste functionality to replace the data with the prediction, or the predicted best-case or worst-case results. The dashboard also includes key metrics and raw statistical analysis on the right-hand side. The dashboard includes a chart including an admin-selected historical data set (green), the predicted data (blue), the data on the form (red), and a range between the predicted best-case and worst-case growth scenarios. Once the user makes this selection, the Predictive Planning dashboard will automatically open and complete its statistical analysis. To access this feature, users simply open the form, open the Actions menu, and select Predictive Planning. Predictive Planning is automatically enabled on any webform with all time dimensions in one axis, and all non-time dimensions in the other axis. Watch our Strategic Whiteboard Strategies Video: Let’s Talk FP&A with Kelsey Finnegan Read on and we will walk you through the configurations to unleash Predictive Planning as a robust planning and forecasting aid and put down the darts! Predictive Planning is automatically included in all PBCS/EPBCS applications and can be made available to users with minimal administrative intervention. Within this dashboard, users can compare their submitted data with the predicted data, review the data sets for accuracy, and, when appropriate, apply the predicted values directly into their plan and/or forecast. With a few easy clicks, Predictive Planning will collect historical data, match it to one of several industry-standard statistical models, and generate a dashboard offering predictions for future results. This recently added functionality allows users to optimize their planning and forecasting estimates via a rigorous, pre-built statistical modeling engine. The Predictive Planning module in Oracle’s EPM Cloud applications (PBCS and EPBCS) looks to answer this exact question. Developing an initial prediction can take weeks, or even months.īut what if it didn’t have to? What if predictive planning could be available to any user, all in an application they already use?
Unless you are throwing darts at your financial targets, good predictions can involve rigorous historical analysis, intense statistical modeling, and broad industry analysis.
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But as any finance professional will tell you, it’s never that simple. You predict how you’re going to do in the future, and you plan based on that prediction. Predictive Planning – it sounds so simple.
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