Objective:
Reduce the manual effort and streamline the budget process to promote consistency and efficiency across the University.
Scope:- Define basic functionality, such as:
- Workflow functionality for budget submissions and approvals
- Allow for multiple versions or scenarios to be modeled prior and subsequent to submission
- Ability to change drivers to reforecast (i.e., fringe rates)
- Identify organizational structures needed
- Review current budget submission processes
- Develop consistent budgeting processes, including establishing basic templates
- Determine what data is needed to populate templates, including data not currently available
- Determine where the data be stored (i.e., budgeting application vs. data warehouse), including all data needed for variance analysis
Planning: Modeling, Forecasting, and Analyzing
Objective:Provide the University, Schools and Departments with the necessary data, tools, and infrastructure to formulate models, what-if scenarios, and projections in the manner required to manage their operation.
Scope:- Identify modeling and analysis needs
- Predictive analysis
- Scenario modeling/impact management
- Forecasting
- Base projections on complex calculations and historical trends
- Identify Key Drivers/Key Performance Indicators
- In collaboration with the Enterprise Operational Reporting Workgroup:
- Identify requirements for actual vs. budget variance analysis
- Define organizational rollups that are flexible to allow the Schools and departments the ability to budget and plan by program, project, or other summary level, and populate templates
- Determine what data is needed for analyses, including data not currently available
Stay tuned for:
- Implementation Timelines
- Training Schedules